Regulatory calendar 2012-2013

Commonwealth Parliament will resume sitting on 21 May.

Subject to changes in timetables, here is our list of start dates for regulatory changes in the financial services sector.

28 May 2012
*new national system for business names registration

6 June 2012
*new price signalling laws for banking sector

1 July 2012
*consolidated APRA prudential standards take effect
*Financial advice (FOFA) reforms due to start (with transition until 1 July 2013)
*new credit card provisions start
*New account switching rules
*changes to tax concessions for new unrelated commercial activities by NFPs
*carbon pricing scheme commences

1 October 2012
*The Australian Charities and Not-for-profits Commission starts

1 January 2013
*new APRA Basel III capital standards commence

1 March 2013
*new hardship consumer credit variation rules commence
*new reverse mortgage rules start
*new consumer leases rules start
*small amount credit contract rules commence

20 March 2013
*final date for transition to new ePayments Code from EFT Code

30 June 2013
*end of FOFA transition period: mandatory compliance commences 1 July 2013

1 July 2013
*MySuper starts
*Super guarantee charge increases commence and age limit removed
*provisions relating to caps on costs and interest rates on consumer credit contracts commence

1 July 2014
*ASIC RG 206 training requirements start

 

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