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OverviewFinancial Services Reform (FSR) is the sixth stage of the Federal Government's Corporate Law Economic Reform Program. It was introduced to establish a uniform licensing, conduct and disclosure regime for financial services providers and it covers most financial services and products (excluding credit). FSR became law on 27 September 2001. Some of it came into effect on that date but most of FSR started on 11 March 2002, subject to a two year transitional period (ending on 10 March 2004) which applied to many of the licensing, disclosure and financial markets requirements. So, as from 11 March 2004, those who conduct a financial services business in Australia must generally be licensed under the FSR laws. Notwithstanding the objectives of FSR are simple, there are many complex issues associated with the FSR laws. Since the commencement of FSR, we have made monitoring its development and implementation a priority. Our dedicated team of FSR experts assisted many clients through the transitional period and now continues to advise on the impact of the changes brought about by FSR. FSR is still developing and we continue to monitor and report on the latest issues and their effect on all aspects of the financial services industry, including in relation to securities, derivatives, managed investments, superannuation, insurance and banking (wholesale and retail). For up–to–date FSR news, go to our Breaking News section. To find out more about the FSR implementation process and the transitional period, refer to the Overview section of this site. For more information or advice on how FSR affects your business, please contact one of the Allens FSR team. Also, to find out more about the anti-money laundering and counter-terrorist financing reforms and how, as from 12 December 2007, they affect financial services providers (and others), please contact one of the Allens AML team. 
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