Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to amend the Corporations Act 2001, and for related purposes
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 02 Sep 2014
Introduced Senate 02 Sep 2014
Table of contents.

2013‑2014

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

Corporations Amendment (Financial Advice) Bill 2014

 

No.      , 2014

 

(Senator Whish‑Wilson)

 

 

 

A Bill for an Act to amend the Corporations Act 2001, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 2

Schedule 1—Amendments                                                                                                3

Corporations Act 2001                                                                                               3

 

 


A Bill for an Act to amend the Corporations Act 2001, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Corporations Amendment (Financial Advice) Act 2014.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

The day after the end of the period of 6 months beginning on the day this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Amendments

  

Corporations Act 2001

1  Section 761A (definition of general advice)

Repeal the definition.

2  Section 761A

Insert:

general information has the meaning given by subsection 766B(4).

3  Subsection 766B(2)

Omit “general advice”, substitute “general information”.

4  Subsection 766B(4)

Omit “general advice”, substitute “general information”.

5  Paragraph 911A(2)(ea)

Omit “general advice”, substitute “general information”.

6  Subparagraph 911A(2)(ea)(i)

Omit “advice”, substitute “information”.

7  Paragraph 911A(2)(eb)

Omit “general advice”, substitute “general information”.

8  Subparagraph 911A(2)(eb)(i)

Omit “advice”, substitute “information”.

9  Paragraph 911A(2)(ec)

Omit “general advice”, substitute “general information”.

10  Subparagraph 911A(2)(ec)(i)

Omit “advice”, substitute “information”.

11  Subparagraph 911A(2)(ed)(i)

Omit “general advice”, substitute “general information”.

12  Subparagraph 916F(1AA)(d)(i)

Omit “general advice”, substitute “general information”.

13  Subsection 941C(4)

Omit “general advice”, substitute “general information”.

14  Subsection 941C(5)

Omit “advice” (wherever occurring), substitute “general information”.

15  Section 949A (heading)

Repeal the heading, substitute:

949A  General information provided to retail client—obligation to warn client that information does not take account of client’s objectives, financial situation or needs

16  Subsection 949A(1)

Omit “advice” (wherever occurring), substitute “information”.

17  Paragraph 949A(2)(a)

Omit “advice”, substitute “information”.

18  After paragraph 949A(2)(a)

Insert:

                            (aa) the information is not advice; and

19  Paragraph 949A(2)(b)

Omit “because of that”, substitute “because of the matters referred to in paragraphs (a) and (aa)”.

20  Paragraphs 949A(2)(b) and (c)

Omit “advice” (wherever occurring), substitute “information”.

21  Subsection 949A(3)

Omit “advice” (wherever occurring), substitute “information”.

22  Subsection 1200F(1) (table item 4, column headed “do not apply, in relation to the offer, to:”, paragraphs (b) and (c))

Omit “general advice”, substitute “general information”.