Save Search

Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

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


Previous citations:

Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011



Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Further to the Corporations Amendment (Future of Financial Advice) Bill 2012, the bill amends the Corporations Act 2001 to: require financial advisers to act in the best interests of their clients and to put their client’s interests ahead of their own when providing advice; ban the payment and receipt of certain remuneration which has the potential to influence the financial product advice given to retail clients; ban volume-based shelf-space fees from asset managers or product issuers to platform operators; and ban asset-based fees on borrowed client monies. 

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 24/11/11  
Second reading moved 24/11/11  
Second reading debate 19/03/12  
Referred to Federation Chamber 21/03/12  
Second reading debate 21/03/12  
Second reading debate 22/03/12  
Reported from Federation Chamber 22/03/12  
Second reading agreed to 22/03/12  
Consideration in detail debate 22/03/12 Amendment details: 6 Government agreed to
Third reading agreed to 22/03/12  
     
Senate
Introduced and read a first time 10/05/12  
Second reading moved 10/05/12  
Second reading debate 19/06/12  
Second reading debate 20/06/12  
Second reading agreed to 20/06/12  
Third reading agreed to 20/06/12 Amendment details: 10 Government agreed to
     
House of Representatives
Message from Senate reported 20/06/12  
Consideration of Senate message 25/06/12 Details: House agreed to Senate amendments
     
Text of bill as passed both Houses 25/06/12  
Assent 27/06/12 Act no.: 68 of 2012
     

Text of bill

  • First reading

MS-Word PDF HTML
  • Third reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Replacement explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML
  • Revised explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet BG224]

MS-Word PDF HTML
  • Non-Government
HOCKEY, Joe, MP

MS-Word PDF HTML
Senate
  • Government [sheet ZA286]

MS-Word PDF HTML
  • Opposition [sheet 7238]
CORMANN, Sen Mathias

MS-Word PDF HTML

Schedules of amendments

  • Schedule of the amendments made by the Senate

MS-Word PDF HTML

Bills Digest



Notes
  • Referred to Committee (24/11/2011): Joint Committee on Corporations and Financial Services; Committee report (29/02/2012)
  • Referred to Committee (25/11/2011): Senate Economics Legislation Committee; Committee report (14/03/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )