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ARTICLE · 04 APRIL 2007

Financial Services Regulation – Draft Corporations Amendment Regulations Released

DLA Piper Australia
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On 26 March 2007, Treasury released draft Corporations Amendment Regulations that will affect the insurance and superannuation and funds management industries as well as other financial services industries.

AustraliaCorporate/Commercial Law
Francis Zentilomo
Francis Zentilomo
Samantha O'Brien
Samantha O'Brien

Overview

On 26 March 2007, Treasury released draft Corporations Amendment Regulations (draft regulations) containing another round of proposed refinements to financial services regulation under the Corporations Act 2001.

The draft regulations address a number of the financial services reforms announced by Treasury on 16 August 2006 following the consultation paper released on 7 April 2006.

The draft regulations propose changes that will affect the insurance and superannuation and funds management industries as well as other financial services industries. Some of the key changes are outlined below.

General insurance

  • Product Disclosure Statement (PDS) dollar disclosure - the draft regulations propose to relieve general insurers from the obligation to disclose costs and benefits in dollars in the PDS where the dollar disclosures are instead provided in the policy schedule. The PDS will still need to disclose the relevant costs and benefits as a range, percentage or description.

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