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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)     Clause 2, page 2 (table item 2), omit the item, substitute:

2.  Schedule 1

1 July 2013.

1 July 2013

[commencement]

(2)     Schedule 1, item 10, page 5 (line 14), omit the definition of renewal notice .

[removing opt-in arrangements]

(3)     Schedule 1, item 10, page 5 (line 15), omit the definition of renewal notice day .

[removing opt-in arrangements]

(4)     Schedule 1, item 10, page 5 (line 16), omit the definition of renewal period .

[removing opt-in arrangements]

(5)     Schedule 1, item 10, page 8 (line 20), omit “ Termination, disclosure and renewal ”, substitute “ Termination and disclosure ”.

[removing opt-in arrangements]

(6)     Schedule 1, item 10, page 9 (line 17), omit “or section 962K (the renewal notice obligation)”.

[removing opt-in arrangements]

(7)     Schedule 1, item 10, page 9 (lines 23 and 24), omit “or section 962K”.

[removing opt-in arrangements]

(8)     Schedule 1, item 10, page 9 (line 26), omit “or section 962K”.

[removing opt-in arrangements]

(9)     Schedule 1, item 10, page 10 (line 9), omit “The following”, substitute “A summary of the following”.

[summary fee disclosure statements]

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

[summary fee disclosure statements]

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

[summary fee disclosure statements]

(12)   Schedule 1, item 10, page 10 (line 28), omit “details of”, substitute “information about”.

[summary fee disclosure statements]

(13)   Schedule 1, item 10, page 10 (lines 31 to 34), omit paragraph 962H(2)(f).

[summary fee disclosure statements]

(14)   Schedule 1, item 10, page 10 (line 35), omit “details of”, substitute “information about”.

[summary fee disclosure statements]

(15)   Schedule 1, item 10, page 11 (line 17) to page 12 (line 29), omit sections 962K to 962N.

[removing opt-in arrangements]

(16)   Schedule 1, item 10, page 13 (lines 13 to 25), omit Subdivision C.

[prospective fee disclosure statements]

(17)   Schedule 1, item 10, page 13 (line 28), before “A person”, insert “(1)”.

[prospective anti-avoidance]

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

             (2)  Subsection (1) does not apply in relation to a scheme if any part of the scheme was entered into, begun to be carried out, or carried out before the day on which this Part commences.

[prospective anti-avoidance]

(19)   Schedule 1, item 11, page 14 (lines 16 and 17), omit paragraph (jaad).

[prospective fee disclosure statements]

(20)   Schedule 1, item 12, page 14 (lines 29 and 30), omit subparagraph (1E)(b)(ii).

[prospective fee disclosure statements]

(21)   Schedule 1, item 12, page 14 (line 34), omit “or (ii)”.

[prospective fee disclosure statements]