The Government has released the draft legislation and regulations to amend the FOFA reforms in accordance with the proposed changes announced by the Assistant Treasurer on 20 December 2013.
As set out in the explanatory memorandum to the draft legislation, the amendments are intended to reduce compliance costs for the financial services industry. The Government intends to deal with time sensitive amendments by way of regulation with a view to changing the legislation at a later time.
Submissions on the draft legislation, regulations and explanatory material are due by 19 February 2014.
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