In brief
A motion to disallow the vast majority of the provisions of the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 has failed. Associate Rosie Thomas and Senior Regulatory Counsel Michael Mathieson report.
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Background
On 30 June 2014, the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was registered. For information about what the Regulation says, see our earlier Client Update: Government releases FOFA regulations.
On 15 July 2014, Labour Senator Sam Dastyari moved that the Regulation be disallowed. The motion was defeated 34 votes to 31 after the Palmer United Party sided with the Government.
Latest development
Yesterday, Senator Dastyari moved that items 1 to 27 inclusive and item 30 of the Regulation be disallowed. The motion failed 34 votes to 32.
However, there is yet another disallowance motion before the Senate in relation to the Regulation, moved by Senator Williams, the Chair of the Standing Committee on Regulations and Ordinances. It is not due to be voted on until December.
Finally, the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 remains before the Senate.
The Parliamentary shenanigans continue.