Simpler Regulatory System Bill passed

The Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 and related legislation was passed by the Parliament on 21 June 2007.

Some parts of the package will commence on Royal Assent, others on 1 July or within 6 months.

Some parts of the package, particularly changes to streamline regulation of financial advice, require supporting regulations which will be issued in the coming weeks.  There will also be regulations to refine the financial services provisions to, among other things, allow disclosure documents to incorporate supplementary material by reference, thereby making them shorter and easier for consumers to understand.

UPDATE: Royal Assent given on 28 June 2007