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ASIC Corporations (Amendment) Instrument 2017/464

Authoritative Version
  • - F2017L00600
  • No longer in force
Other as made
This instrument amends the ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151 to enable full Australian Financial Services licensees (and authorised representatives) with limited authorisations to provide exempt advice under regulation 7.1.29(4) of the Corporations Regulations 2001 to retail clients on the tax implications of financial products which are not covered by an authorisation in their licence.
Administered by: Treasury
Registered 26 May 2017
Tabling HistoryDate
Tabled HR29-May-2017
Tabled Senate13-Jun-2017
Date of repeal 28 May 2017
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2017/464

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date                24 May 2017

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2017/464.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4        Schedule

Each instrument that is specified in the Schedule to this instrument is amended as set out in the applicable items in the Schedule.


Schedule 1—Amendments

ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151

1        Section 5

Omit “in relation to limited licensees”, substitute “in relation to financial services licensees (including limited licensees)”

2        Paragraph 5(a) (notional paragraph 7.1.29(4)(aa))

Omit, substitute:

(aa)    if the person is a financial services licensee (including a limited licensee) or a representative of a licensee—the advice mentioned in paragraph (a):

(i)      in relation to the licensee or the representative—is not covered by an authorisation in the licence held by the licensee; or

(ii)     in relation to the representative—is not covered by the authorisation given by the licensee to the representative; and

3        Paragraph 5(b) (notional sub-subparagraph 7.1.29(4)(c)(ii)(A))

Omit, substitute:

(A)    the person providing the advice is not licensed or authorised (as applicable) to provide financial product advice of the kind mentioned in paragraph (a); and

4        Paragraph 5(b) (notional sub-subparagraph 7.1.29(4)(c)(ii)(C))

Omit “other than a limited licensee”, substitute “with the appropriate authorisation”