The Financial Services Reform Bill is on track to be introduced into Federal Parliament next week.

The confirmation that the FSRB legislation will finally be introduced into Parliament – and fast-tracked through the House of Reps – follows the announcement on Friday that the Federal/States impasse over the Corporations Law will be settled by July 1.

Attorney-General Daryl Williams and Financial Services and Regulation Minister Joe Hockey said last week’s joint meeting of the Standing Committee of Attorneys-General and the Ministerial Conduct on Corporations agreed to work towards a referral of state corporations laws powers to the Commonwealth by that date. This will enable Australia to deal with constitutional problems identified by the High Court and give the Corporations Law a secure constitutional foundation.

“The 660,000 companies whose existence has been under threat can be confident that the new law will be secure and certain,” the ministers said in a statement.

New South Wales and Victoria have already introduced legislation to refer a revised Corporations Law and ASIC Act to the Commonwealth, and Queensland and Western Australia have now agreed in principle to follow suit.

The Commonwealth will introduce a Corporations Bill into Parliament after the first state referral legislation comes into effect. Meanwhile, negotiations will continue with South Australia and Tasmania to address their “outstanding concerns”. However, both states have agreed to work towards the July 1 target for commencement of the new Corporations Act.

The ministers said the agreement “is fundamental to the long-term security of Australia’s national system of corporate regulation”.

It will also make passage of the FSRB – which is linked to the Corporations Law - that much simpler. Mr Hockey’s media adviser, Matthew Abbott, said the parliamentary process is “now under way”, but an actual implementation date “hasn’t been articulated yet”.

However, Canberra sources confirm that the July 1 implementation favoured by Mr Hockey is highly unlikely. Our bets: October 1 or December 31.