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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 8 (after line 19) , at the end of Subdivision A, add:

962CA   Exemption from application of opt-in requirement

             (1)  ASIC may exempt a person, or a class of persons, from section 962K (the opt-in requirement ), if ASIC is satisfied that the person is, or persons of that class are, bound by a code of conduct approved by ASIC for the purposes of this section.

             (2)  A code of conduct is approved by ASIC for the purposes of this section if:

                     (a)  the code of conduct is approved by ASIC under section 1101A; and

                     (b)  ASIC is satisfied that the code of conduct obviates the need for persons bound by the code to be bound by the opt-in requirement; and

                     (c)  ASIC is satisfied of any other matters prescribed by the regulations.

             (3)  The exemption must be in writing and ASIC must publish notice of it in the Gazette .

[ASIC exemption for persons covered by code of conduct]