|Title||Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012
|Date||25-09-2012 03:17 PM
|Source||House of Reps
|System Id|| legislation/amend/r4739_amend_31402244-fd3c-476d-a374-77627aadc3ec
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011
(1) Schedule 1, item 23, page 7 (line 31), after âtaken any other step thatâ, insert â, at the time the advice is provided,â.
[timing of judgement on reasonable steps to act in clientâs best interests]
(2) Schedule 1, item 23, page 7 (after line 33), at the end of subsection 961B(2), add:
Note: The matters that must be proved under subsection (2) relate to the subject matter of the advice sought by the client and the circumstances of the client relevant to that subject matter (the clientâs relevant circumstances). That subject matter and the clientâs relevant circumstances may be broad or narrow, and so the subsection anticipates that a client may seek scaled advice and that the inquiries made by the provider will be tailored to the advice sought.
(3) Schedule 1, item 24, page 16 (line 25), after âby the licensee or representativeâ, insert âin the 12 months immediately before the benefit is givenâ.
(4) Schedule 1, item 33, page 29 (line 12), omit âsubsection (2)â, substitute âsubsections (2) and (3)â.
(5) Schedule 1, item 33, page 29 (lines 19 to 27), omit subsections 1528(2) and (3), substitute:
(2) The regulations may prescribe circumstances in which that Division applies, or does not apply, to a benefit given to a financial services licensee or a representative of a financial services licensee.
(3) Despite subsection (1), that Division does not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of that Division would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
(6) Schedule 1, item 33, page 30 (line 7), omit â, 1528(3)â.