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ARTICLE · 03 JULY 2015

Surprise FOFA amendments: a new financial year present

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The regulation intends to improve the operation of FOFA by alleviating unintended consequences of the original FOFA laws.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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New FOFA regulations registered yesterday will come into effect on 1 July 2015. As we have previously reported, not all of these changes will be new to the industry, with the Government previously consulting in January and March 2014 on some of the new regulations.

The new regulation is intended to improve the operation of FOFA by alleviating a number of unintended consequences of the original FOFA laws. At their heart, the regulations:

  • result in a consistent treatment of the wholesale client/retail client distinction for the purposes of FOFA laws by inserting new provisions into 761G Corporations Act 2001 (Cth) to clarify a person does not need to be treated as a "retail client" if they:

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