Inquiry into the regulations and ASIC policy statements made under the Financial Services Reform Act 2001

Inquiry into the regulations and ASIC policy statements made under the Financial Services Reform Act 2001

N.B. All files are in PDF format. Adobe Acrobat Reader is required to view or print PDF documents and can be downloaded free of charge from Adobe.

TABLE OF CONTENTS

Membership of the Committee PDF format
Duties of the Committee
Acronyms and Abbreviations
List of Recommendations

CHAPTER 1 PDF format
    Background to the inquiry
CHAPTER 2 PDF format
    Overview of the Act, regulations and ASIC policy statements
      The Financial System Inquiry
      The Financial Services Reform Act 2001
      Key elements of the regulatory framework
      The regulations and ASIC policy statements
CHAPTER 3 PDF format
    Overview of submissions
CHAPTER 4 PDF format
    ASIC Policy Statement 146: Licensing: Training of financial product advisers
      Introduction
        PS 146 requirements in brief
        Basic deposit products and non-cash payment facilities
          Overview of objections
          Objections in detail
            Uncertainty of scope of 'financial product advice'-contribution to training costs
            Course content is excessive in view of the products involved
            Impact of training on the delivery of services in remote and regional areas
            Costs
            Proposed alternatives to PS 146 requirements
            The background to ASIC's formulation of training requirements
        The Committee's earlier findings regarding regulation of BDPs
          Objections to other training requirements
          Recognition of experience
CHAPTER 5 PDF format
    Accountants
      Licensing and related matters
        Introduction
        Exemption from licensing
        The exemption in regulation 7.1.29
          Analysis of the regulation
          The objections to regulation 7.1.29
        Licensing costs and accountants' independence
        Training requirements
CHAPTER 6 PDF format
    Disclosure
      Introduction
      Superannuation-ongoing management charge
        Background
        Review of submissions and evidence heard
      Insurance
        Commission on risk products
        Unauthorised foreign insurers
CHAPTER 7 PDF format
    Issues affecting Australia as an international financial centre
      Introduction
        Exemption from licensing-offshore service providers
        Cross-border financial services
CHAPTER 8 PDF format
    Licensing and related issues
      Corporate Superannuation Funds
      The Superannuation Complaints Tribunal
      Custodial and depository services
      Spread betting
CHAPTER 9 PDF format
    Impact on small business
      Introduction
      Small business-general
        Accountants
        Financial planners
      Small business-insurance multi-agents
CHAPTER 10 PDF format
    Miscellaneous issues
      Anti-hawking
        Anti-hawking-cold calling
      Telephone monitoring of takeovers
      Inconsistencies and navigational challenges in the legislation
      Matters outside the inquiry's terms of reference
REPORT BY THE LABOR MEMBERS PDF format

APPENDIX 1 PDF format
    Submissions Received
APPENDIX 2 PDF format
    Witnesses at Hearings
APPENDIX 3 PDF format

    Letter to National Institute of Accountants from ASIC


To download the complete report PDF format 423KB