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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Corporations Amendment (Future of Financial Advice) Bill 2012


Previous citations:

Corporations Amendment (Future of Financial Advice) Bill 2011



Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the Corporations Act 2001 to: require financial advisers to provide a fee disclosure statement to a client when charging advice fees for longer than 12 months; require financial advisers to provide a fee disclosure statement and a renewal notice to a client when charging advice fees for longer than 24 months; and extend the Australian Securities and Investments Commission’s licensing and banning powers used to supervise the financial services industry.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 13/10/11  
Second reading moved 13/10/11  
Second reading debate 19/03/12  
Referred to Federation Chamber 21/03/12  
Second reading debate 21/03/12  
Second reading debate 22/03/12  
Reported from Federation Chamber 22/03/12  
Second reading agreed to 22/03/12  
Consideration in detail debate 22/03/12 Amendment details: 18 Government agreed to
Third reading agreed to 22/03/12  
     
Senate
Introduced and read a first time 10/05/12  
Second reading moved 10/05/12  
Second reading debate 19/06/12  
Second reading debate 20/06/12  
Second reading agreed to 20/06/12  
Third reading agreed to 20/06/12 Amendment details: 8 Government agreed to
     
House of Representatives
Message from Senate reported 20/06/12  
Consideration of Senate message 25/06/12 Details: House agreed to Senate amendments
     
Assent 27/06/12 Act no.: 67 of 2012
     

Text of bill

  • First reading

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  • Third reading

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Explanatory memoranda

  • Explanatory memorandum

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  • Replacement explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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  • Supplementary explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet ZA284]

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  • Government [sheet BG223]

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  • Non-Government
HOCKEY, Joe, MP

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Senate
  • Government [sheet ZA285]

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  • Opposition [sheet 7237]
CORMANN, Sen Mathias

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes
  • Referred to Committee (13/10/2011): Joint Committee on Corporations and Financial Services; Committee report (29/02/2012)
  • Referred to Committee (03/11/2011): Senate Economics Legislation Committee; Committee report (14/03/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )