Supplementary Explanatory Memorandum
(Circulated by authority of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP)Chapter 1: Financial services compensation scheme of last resort - Parliamentary Amendments
Outline of chapter
1.1 The Parliamentary amendments to the Bill remove the framework for the CSLR.
Detailed explanation of amendments
1.2 Amendment 1 amends the title, so it no longer refers to establishing the CSLR. [Amendment 1]
1.3 Amendment 2 removes table item 5 from clause 2 to the Bill, so it no longer includes commencement information for the CSLR. [Amendment 2]
1.4 Amendment 3 removes Schedule 3 to the Bill. Schedule 3 to the Bill would have made amendments to the Corporations Act 2001, Australian Securities and Investments Commission Act 2001 and the National Consumer Credit Protection Act 2009 to facilitate the CSLR framework. [Amendment 3]