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Legislative Assembly for the ACT: 1998 Week 4 Hansard (25 June) . . Page.. 1178 ..

Secondly, Mr Speaker, due to developments in financial markets, it has been necessary to make changes to the definition of a `financial institution'.

The definition will be expanded to now include credit providers who provide credit, under a credit contract in the course of business.

Mr Speaker, the Bill further provides for agency provisions.

Persons who receive money in the ACT on behalf of interstate financial institutions will be required to register as agents and pay ACT duty on those receipts.

Previously such receipts have not been dutiable.

Thirdly, Mr Speaker, the Bill also makes some important changes in respect of short term dealing.

Currently short term dealing in the ACT is severely restricted and impinges on the development of the ACT money market.

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