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Note: This table relates only to the provisions of this Act as originally enacted.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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1—Amendments
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”.