FOFA grandfathering regulations made - .PDF file.
The long-awaited FOFA grandfathering regulations have finally been made. The regulations limit the grandfathering relief that was originally proposed to apply. They also include some additional grandfathering relief and exceptions to conflicted remuneration. The new regulations commenced on 1 July 2013.
The ban on conflicted remuneration under the FOFA provisions generally commences on 1 July 2013 (unless a party opts in to the regime earlier). The conflicted remuneration provisions provide for an exception (or ‘grandfathering’) for benefits given under an arrangement that was entered into before 1 July 2013.
The government later considered this concession too generous and proposed limiting it. Draft amending regulations were released earlier in the. Those have now been finalised, but with some significant changes…
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