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Financial Services Reform Bill update.

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NO. FSR/031


In the light of the uncertainty arising from the High Court's recent decision in R v Hughes, the Minister for Financial Services and Regulation, the Hon Joe Hockey MP, has decided to defer introduction of the proposed Financial Services Reform Bill into the Parliament.

‘The Government remains committed to enactment on 1 January 2001 of a harmonised regime for the regulation of financial products and financial service providers. However, it would be inappropriate to proceed with the Bill immediately in the current climate of uncertainty regarding the Corporations Law’, Mr Hockey said.

‘I have reluctantly decided to postpone the scheduled introduction of the Bill at this time. The Commonwealth wishes first to resolve the uncertainty surrounding elements of the Corporations Law, including areas that the Bill will cover.

The best way to overcome the uncertainty is for the Commonwealth, the States and the Northern Territory to collaborate on developing a solution based on a referral of powers to the Commonwealth.’

The Government will also be reviewing the Bill to ensure it is consistent with the Corporations legislation following the proposed referral of power.

Mr Hockey said that, while progress with the referral will be kept under review, he is committed to progressing the Financial Services Reform Bill as quickly as possible and proposes to introduce the Bill in the Spring Sittings.

27 June 2000 2000/31

Media contact: Matthew Abbott, Minister's office, 02 6277 7230, 0413 076 213 Michael Willcock, Treasury, 02 6263 3975.



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