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Corporations Amendment (Future of Financial Advice) Bill 2012

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7237

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Corporations Amendment (Future of Financial Advice) Bill 2012

 

 

(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 (lines 20 to 35), section 962CA TO BE OPPOSED .

[removing opt-in arrangements]

(6)     Schedule 1, item 10, page 9 (line 1), omit “ Termination, disclosure and renewal ”, substitute “ Termination and disclosure ”.

[removing opt-in arrangements]

(7)     Schedule 1, item 10, page 9 (line 32), omit “or section 962K (the renewal notice obligation)”.

[removing opt-in arrangements]

(8)     Schedule 1, item 10, page 10 (lines 4 and 5), omit “or section 962K”.

[removing opt-in arrangements]

(9)     Schedule 1, item 10, page 10 (line 7), omit “or section 962K”.

[removing opt-in arrangements]

(10)   Schedule 1, item 10, page 11 (line 27) to page 13 (line 8), sections 962K to 962N TO BE OPPOSED .

[removing opt-in arrangements]

(11)   Schedule 1, item 10, page 13 (line 21) to page 14 (line 2), Subdivision C TO BE OPPOSED .

[prospective fee disclosure statements]

(12)   Schedule 1, item 10, page 14 (line 5), omit “subsection (2)”, substitute “subsections (2) and (3)”.

[prospective anti-avoidance]

(13)   Schedule 1, item 10, page 14 (after line 23), at the end of section 965, add:

             (3)  Subsection (1) does not apply 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]

(14)   Schedule 1, item 11, page 14 (lines 28 and 29), omit paragraph (jaad).

[prospective fee disclosure statements]

(15)   Schedule 1, item 12, page 15 (lines 9 and 10), omit subparagraph (1E)(b)(ii).

[prospective fee disclosure statements]

(16)   Schedule 1, item 12, page 15 (line 14), omit “or (ii)”.

[prospective fee disclosure statements]