Simpler Regulatory System Act commences

The Corporations Legislation Amendment (Simpler Regulatory System) Bill 2007 and accompanying Bills were given Royal Assent on 28 June 2007.

UPDATE 5 July: Here's the Act

Most of the Simpler Regulatory System package commences on either Royal Assent or 1 July 2007.  Some parts, including particular changes to the regulation of financial advice, will not be fully effective without forthcoming supporting regulations.

UPDATE 5 July: here are the regulations

The Regulations to implement the Act are:

• Corporations Amendment Regulations 2007 (No. 2)
• Corporations Amendment Regulations 2007 (No. 3)
• Corporations Amendment Regulations 2007 (No. 4)
• Corporations Amendment Regulations 2007 (No. 5)
• Corporations Amendment Regulations 2007 (No. 6)
• Corporations Amendment Regulations 2007 (No. 7)
• Corporations Amendment Regulations 2007 (No. 8)

UPDATE 28 August: Corporations Amendment Regulations 2007 (No. 10)

You can check when the changes you are interested in commence by looking at my articles here.

The changes take effect immediately include amendments to facilitate distribution of annual reports over the internet, and to increase the monetary thresholds to define a large proprietary company as these thresholds have not been adjusted since 1995.  As these changes apply immediately, so they affect financial reports relating to the 2006-07 reporting period ending on 30 June 2007.