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Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012

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2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012

 

 

( 1 )     Schedule  1 , page 25 (after line 10) , after item  25 , insert:

25A  Subsection 968(4)

Repeal the subsection, substitute:

             (4)  The notice day is:

                     (a)  for a person (the client ) in relation to whom the licensee, or a person acting as a representative of the licensee, has an obligation or is subject to a prohibition under Division 2 of this Part in relation to personal advice provided on or after a day that falls in the transition period—the first day on which personal advice is provided to the client during the transition period; and

                     (b)  for a person to whom the licensee, or a person acting as a representative of the licensee, is obliged to give a fee disclosure statement during the transition period:

                              (i)  unless subparagraph (ii) applies—the disclosure day for the arrangement in relation to which the fee disclosure statement is to be given that falls within the transition period; and

                             (ii)  if a fee disclosure statement is given before the end of a period of 30 days beginning on that disclosure day—the day on which it is given; and

                     (c)  for a person (the client ) in relation to whom the licensee, or a person acting as a representative of the licensee, has an obligation or is subject to a prohibition under Subdivision B of Division 5 of this Part in relation to the charging of an asset-based fee during the transition period—the first day on which the client is charged an asset-based fee during the transition period; and

                     (d)  for a person in relation to whom more than one of paragraphs (a), (b) and (c) is satisfied—the earliest of the days specified as the notice day under the paragraphs that are satisfied for that person.

[election to commence on or after 1 July 2012]

( 2 )     Schedule  1 , item 33, page 29 (lines 5 to 10) , omit section  1527 , substitute:

1527  Application of best interests obligations

             (1)  The following apply in relation to the provision of personal advice to a person as a retail client on or after the application day (whether or not the advice was sought before that day):

                     (a)  Division 2 of Part 7.7A, as inserted by item 23 of Schedule 1 to the amending Act;

                     (b)  the amendments made by items 6, 7, 8, 9 and 34 of Schedule 1 to the amending Act.

             (2)  In this section:

application day , in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:

                     (a)  if the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions imposed under Part 7.7A are to apply to the licensee and persons acting as representatives of the licensee on and from the day specified in the notice—the day specified in the notice; or

                     (b)  if the person has not lodged such a notice—1 July 2013.

[election to commence on or after 1 July 2012]

(3)     Schedule 1, item 33, page 29 (line 17), omit “the day on which that item commences”, substitute “the application day”.

[election to commence on or after 1 July 2012]

( 4 )     Schedule  1 , item  33 , page 29 (after line 28) , at the end of section  1528 , add:

             (4)  In this section:

application day :

                     (a)  in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:

                              (i)  if the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions imposed under Part 7.7A are to apply to the licensee and persons acting as representatives of the licensee on and from a day specified in the notice—the day specified in the notice; or

                             (ii)  in any other case—1 July 2013; and

                     (b)  in relation to any other person who would be subject to an obligation or prohibition under Division 4 of Part 7.7A if it applied, means:

                              (i)  if a notice has been lodged with ASIC in accordance with subsection 967(3) that the obligations and prohibitions imposed under Part 7.7A are to apply to the person on and from a day specified in the notice—the day specified in the notice; or

                             (ii)  in any other case—1 July 2013.

[election to commence on or after 1 July 2012]

(5)     Schedule 1, item 33, page 30 (line 2), omit “the day on which that item commences”, substitute “the application day”.

[election to commence on or after 1 July 2012]

(6)     Schedule 1, item 33, page 30 (line 6), omit “the day on which that item commences”, substitute “the application day”.

[election to commence on or after 1 July 2012]

(7)     Schedule  1 , item  33 , page 30 (after line 6) , at the end of section  1529 , add:

             (3)  In this section:

application day :

                     (a)  in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:

                              (i)  if the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions imposed under Part 7.7A are to apply to the licensee and persons acting as representatives of the licensee on and from a day specified in the notice—the day specified in the notice; or

                             (ii)  in any other case—1 July 2013; and

                     (b)  in relation to any other person who would be subject to an obligation or prohibition under Subdivision A of Division 5 of Part 7.7A if it applied, means:

                              (i)  if a notice has been lodged with ASIC in accordance with subsection 967(3) that the obligations and prohibitions imposed under Part 7.7A are to apply to the person on and from the day specified in the notice—the day specified in the notice; or

                             (ii)  in any other case—1 July 2013.

[election to commence on or after 1 July 2012]

(8)     Schedule 1, item 33, page 30 (line 19), omit “the day on which that item commences”, substitute “the application day”.

[election to commence on or after 1 July 2012]

(9)     Schedule 1, item 33, page 30 (lines 23 and 24), omit “the day on which that item commences”, substitute “the application day”.

[election to commence on or after 1 July 2012]

( 10 )   Schedule  1 , item  33 , page 30 (after line 28) , at the end of section  1531 , add:

             (3)  In this section:

application day , in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:

                     (a)  if the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions imposed under Part 7.7A are to apply to the licensee and persons acting as representatives of the licensee on and from the day specified in the notice—the day specified in the notice; or

                     (b)  if the person has not lodged such a notice—1 July 2013.

[election to commence on or after 1 July 2012]