Commonwealth legislation

Financial Services Reform Act 2001 - Proclamation (08/10/2001)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This document is a formal proclamation by the Governor-General that switches on most of the Financial Services Reform Act 2001.

What it does:

It sets 11 March 2002 as the date when the Act officially becomes law and enforceable.
It carves out exceptions: sections 1 and 2 (which contain the Act's name and formal commencement rules) and Part 1 of Schedule 3 begin earlier (typically on the day the Act receives Royal Assent).

Why it matters: The Financial Services Reform Act 2001 was a major overhaul of Australia's financial sector. It introduced the Australian Financial Services Licence (AFSL) system, new disclosure rules for financial products, and consumer protections. This proclamation gave the finance industry a five-month transition period (from October 2001 to March 2002) to prepare for the new regime before it became legally binding.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Financial Services Reform Act 2001 - Proclamation (08/10/2001).

Financial Services Reform Act 2001 - Proclamation (08/10/2001)

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

View image in the official source

Proclamation

Financial Services Reform Act 2001

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under subsection 2 (2) of the Financial Services Reform Act 2001, fix 11 March 2002 as the day on which that Act, other than sections 1 and 2 and Part 1 of Schedule 3 to that Act, commences.

Signed and sealed with the Great Seal of Australia on 8 October 2001

PETER HOLLINGWORTH

Governor-General

By His Excellency's Command

JOE HOCKEY

Minister for Financial Services and Regulation

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.