Title Corporations Amendment (Financial Advice Measures) Bill 2016
Database Amendments
Date 21-03-2016 02:11 PM
Source Senate
System Id legislation/amend/r5208_amend_8e34d35a-f1db-4108-b906-e0a2aa05c1ed


Corporations Amendment (Financial Advice Measures) Bill 2016

2013‑2014‑2015

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014

 

 

(1)     Clause 1, page 1 (lines 15 and 16), omit “Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014”, substitute “Corporations Amendment (Financial Advice Measures) Act 2015”.

[short title]

(2)     Schedule 1, items 1A to 1J, page 3 (line 4) to page 6 (line 23), to be opposed.

[Statements of Advice]

(3)     Schedule 1, items 3 to 5, page 7 (lines 1 to 6), to be opposed.

[renewal and fee disclosure]

(4)     Schedule 1, item 6, page 7 (lines 7 and 8), to be opposed.

[volume‑based shelf‑space fees]

(5)     Schedule 1, items 7 to 11, page 7 (lines 9 to 21), to be opposed.

[best interests obligation]

(6)     Schedule 1, item 12, page 8 (line 13), omit “paragraphs (2)(b), (ba) and (c)”, substitute “paragraphs (2)(a), (b) and (c)”.

[best interests obligation]

(7)     Schedule 1, item 12, page 8 (line 19), omit “paragraphs (2)(b), (ba) and (c)”, substitute “paragraphs (2)(a), (b) and (c)”.

[best interests obligation]

(8)     Schedule 1, items 13 and 14, page 8 (lines 20 to 33), to be opposed.

[best interests obligation]

(9)     Schedule 1, item 15, page 9 (lines 3 to 6), to be opposed.

[best interests obligation]

(10)   Schedule 1, items 17 to 20, page 9 (line 25) to page 10 (line 5), to be opposed.

[renewal and fee disclosure]

(11)   Schedule 1, items 21 and 22, page 10 (lines 10 to 13), omit the items, substitute:

21  Subsection 962K(1)

Omit “30 days”, substitute “60 days”.

22  Subsection 962S(1)

Omit “within a period of 30 days”, substitute “before the end of a period of 60 days”.

[renewal and fee disclosure]

(12)   Schedule 1, items 24 to 27, page 10 (line 19) to page 11 (line 2), to be opposed.

[conflicted remuneration]

(13)   Schedule 1, item 28, page 11 (lines 5 to 8), omit the example.

[conflicted remuneration]

(14)   Schedule 1, item 29, page 11 (line 20) to page 13 (line 29), omit the item, substitute:

29  At the end of section 963B (after the note)

Add:

             (4)  The regulations may prescribe circumstances in which, despite a provision of this section, all or part of a benefit is to be treated as conflicted remuneration.

Note:          The expression intrafund advice is often used to describe financial product advice given by a trustee (or an employee of, or another person acting under arrangement with, the trustee) of a regulated superannuation fund to its members, where that advice is not of a kind to which the prohibition in section 99F of the Superannuation Industry (Supervision) Act 1993 applies. (Section 99F of that Act prohibits trustees of regulated superannuation funds from passing on the cost of providing certain kinds of financial product advice in relation to one member of the fund to another.)

[conflicted remuneration]

(15)   Schedule 1, items 30, 31 and 32, page 13 (line 30) to page 14 (line 2), to be opposed.

[conflicted remuneration]

(16)   Schedule 1, item 34, page 14 (lines 7 to 18), omit the item, substitute:

34  Section 963C

Before “Despite”, insert “(1)”.

34A  At the end of section 963C

Add:

             (2)  The regulations may prescribe circumstances in which, despite subsection (1), all or part of a benefit is to be treated as conflicted remuneration.

[conflicted remuneration]

(17)   Schedule 1, item 35, page 15 (line 10), omit “personal advice”, substitute “financial product advice”.

[conflicted remuneration]

(18)   Schedule 1, item 35, page 15 (lines 15 to 24), omit subsections 963D(3) and (4), substitute:

             (3)  The regulations may prescribe circumstances in which, despite subsection (2), all or part of a benefit is to be treated as conflicted remuneration.

[conflicted remuneration]

(19)   Schedule 1, items 36, 37 and 38, page 15 (line 25) to page 17 (line 12), to be opposed.

[volume‑based shelf‑space fees]

(20)   Schedule 1, items 39 and 40, page 17 (lines 13 to 16), to be opposed.

[fee disclosure]

(21)   Schedule 1, item 43, page 18 (lines 1 to 3), omit “Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014”, substitute “Corporations Amendment (Financial Advice Measures) Act 2015”.

[short title]

(22)   Schedule 1, item 43, page 18 (lines 7 and 8), omit “Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014”, substitute “Corporations Amendment (Financial Advice Measures) Act 2015”.

[short title]

(23)   Schedule 1, item 43, page 18 (lines 9 to 23), section 1531AA to be opposed.

[Statements of Advice]

(24)   Schedule 1, item 43, page 18 (lines 25 to 27), omit “The amendments made by items 7 to 16 of Schedule 1 to the Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014”, substitute “The amendments made by items 12, 14A and 16 of Schedule 1 to the Corporations Amendment (Financial Advice Measures) Act 2015”.

[best interests obligation; short title]

(25)   Schedule 1, item 43, page 19 (lines 2 to 4), omit “The amendments made by items 17 to 21 and items 39 and 40 of Schedule 1 to the Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014 apply”, substitute “The amendment made by item 21 of Schedule 1 to the Corporations Amendment (Financial Advice Measures) Act 2015 applies”.

[renewal and fee disclosure; short title]

(26)   Schedule 1, item 43, page 19 (line 11), omit “for pre‑existing clients”.

[fee disclosure]

(27)   Schedule 1, item 43, page 19 (lines 12 to 14), omit “The amendment made by item 22 of Schedule 1 to the Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014 applies”, substitute “The amendments made by items 20A, 20B and 22 of Schedule 1 to the Corporations Amendment (Financial Advice Measures) Act 2015 apply”.

[fee disclosure; short title]

(28)   Schedule 1, item 43, page 19 (lines 19 and 20), omit “Corporations Amendment (Streamlining of Future of Financial Advice) Act 2014”, substitute “Corporations Amendment (Financial Advice Measures) Act 2015”.

[short title]

(29)   Schedule 1, item 43, page 19 (lines 24 to 30), section 1531F to be opposed.

[volume‑based shelf‑space fees]