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Bills of the current Parliament

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 (Professional Standards of Financial Advisers) Bill 2016


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Corporations Act 2001 to: require that certain financial advisers meet specified education and training standards and comply with a code of ethics; apply transitional arrangements to existing financial advisers; impose an obligation on an Australian financial services licensee to ensure that its financial advisers comply with the education standards and are covered by a compliance scheme; restrict the use of the titles ‘financial adviser’ and ‘financial planner’; amend the content requirements for the register of financial advisers; provide for sanctions where a financial adviser or licensee fails to comply with the new obligations; and establish a standards body which will approve foreign qualifications and develop and set the education standards and code of ethics; and Tax Agent Services Act 2009 to provide for the Tax Practitioners Board and monitoring bodies to share information.

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 23/11/16  
Second reading moved 23/11/16  
Second reading debate 07/02/17  
Second reading agreed to 07/02/17  
Third reading agreed to 07/02/17  
     
Senate
Introduced and read a first time 08/02/17  
Second reading moved 08/02/17  
Second reading debate 09/02/17  
Second reading agreed to 09/02/17  
Third reading agreed to 09/02/17  
     
Finally passed both Houses 09/02/17  
Assent 22/02/17 Act no: 7 - Year: 2017
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)