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Corporations Amendment (Future of Financial Advice) Bill 2012

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2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Corporations Amendment (Future of Financial Advice) Bill 2011

 

 

(1)     Schedule 1, item 10, page 6 (lines 23 and 24), omit “a period of 12 months or more”, substitute “a period of more than 12 months”.

[minimum period of ongoing fee arrangement]

(2)     Schedule 1, item 10, page 6 (lines 32 and 33), omit “a period of 12 months or more”, substitute “a period of more than 12 months”.

[minimum period of ongoing fee arrangement]

(3)     Schedule 1, item 10, page 9 (line 33), omit “within a period of 30 days”, substitute “before the end of a period of 30 days”.

[when must disclosure statement be given]

( 4 )     Schedule  1 , item  10 , page 10 (lines 6 to 8) , omit subsection 962H(1), substitute:

             (1)  A fee disclosure statement , in relation to an ongoing fee arrangement, is a statement in writing that:

                     (a)  includes the information required under this section; and

                     (b)  relates to:

                              (i)  a period of 12 months (the previous year ) that ends on a day that is no more than 30 days before that on which the statement is given; and

                             (ii)  any other period prescribed by the regulations.

[period to which a fee disclosure statement relates]

(5)     Schedule 1, item 10, page 10 (lines 13 and 14), omit “the 12 months immediately preceding the disclosure day”, substitute “the previous year”.

[period to which a fee disclosure statement relates]

( 6 )     Schedule  1 , item  10 , page 10 (lines 16 to 20) , omit paragraph 962H ( 2 )( b ).

[information about anticipated ongoing fee]

(7)     Schedule 1, item 10, page 10 (line 21), omit “details of”, substitute “information about”.

[information required in disclosure statement]

(8)     Schedule 1, item 10, page 10 (lines 23 and 24), omit “the 12 months immediately preceding the disclosure day”, substitute “the previous year”.

[period to which a fee disclosure statement relates]

(9)     Schedule 1, item 10, page 10 (line 25), omit “details of”, substitute “information about”.

[information required in disclosure statement]

(10)   Schedule 1, item 10, page 10 (line 27), omit “the 12 months immediately preceding the disclosure day”, substitute “the previous year”.

[period to which a fee disclosure statement relates]

( 11 )   Schedule  1 , item  10 , page 10 (lines 28 to 30) , omit paragraph 962H ( 2 )( e ).

[information about services client entitled to receive]

( 12 )   Schedule  1 , item  10 , page 10 (lines 31 to 35) , omit paragraphs 962H(2)(f) and ( g ), substitute:

                      (f)  information about any other prescribed matters, including information that relates to a period that begins after the previous year.

[information about services anticipated]

( 13 )   Schedule  1 , item  10 , page 11 (lines 12 to 16) , omit paragraph 962J ( b ), substitute:

                     (b)  if a fee disclosure statement in relation to the arrangement has been given to the client since the arrangement was entered into—the anniversary of the day immediately after the end of the earliest period of 12 months to which the last fee disclosure statement given to the client related.

[disclosure day]

(14)   Schedule 1, item 10, page 11 (line 19), omit “within a period of 30 days”, substitute “before the end of a period of 30 days”.

[when must renewal notice be given]

( 15 )   Schedule  1 , item  10 , page 11 (line 20) , omit “ send ”, substitute “ give ”.

[consistency between sections 962G and 962K]

( 16 )   Schedule  1 , item  10 , page 13 (line 28) , omit “ A person ”, substitute “ (1) Subject to subsection (2), a person ”.

[anti-avoidance]

( 17 )   Schedule  1 , item  10 , page 14 (after line 11) , at the end of section 965, add:

             (2)  Subsection (1) does not apply to a scheme to the extent that the operation of the subsection would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).

[anti-avoidance]