Keeping you on your toes department: The Federal Treasury has now released a revised third set of draft FSR regulations. The first set was released in December, the second on March 11 and the third on March 28. But the third batch had some errors in it, so an updated version was released on Friday.

Still with us? Law firm Minter Ellison says the significant changes include extending the settlement period for foreign exchange contracts, changing the definition of retail client for derivatives, extending the overseas arranger licensing exemption to custody; a licensing exemption for general advice by product issuers to licensees; and new restricted terminology for business names.

Of particular interest is the addition of the terms financial adviser, investment adviser, wealth adviser, financial planner, investment planner and wealth planner to the list of terms that cannot be used in connection with a financial services business unless authorised by the Australian Securities and Investmentes Commission in the Australian financial services licence.