Federal Register of Legislation - Australian Government

Primary content

Other as made
This instrument facilitates temporary and conditional timing relief for the provision of Statements of Advice (SOAs) for superannuation advice given in the lead up to the fair and sustainable superannuation reforms becoming effective 1 July 2017.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Registered 23 Jun 2017
Tabling HistoryDate
Tabled HR08-Aug-2017
Tabled Senate08-Aug-2017
Date of repeal 23 Jul 2020
Repealed by ASIC Corporations (Amendment and Repeal) Instrument 2020/579
Table of contents.

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ASIC Corporations (Urgent Superannuation Advice) Instrument 2017/530

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

 

Date    21 June 2017

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Urgent Superannuation Advice) Instrument 2017/530.

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 951B(1) of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

client has the same meaning as in section 944A of the Act.

providing entity has the same meaning as in section 944A of the Act.

urgent superannuation advice means personal advice in relation to a superannuation product in connection with the changes in laws regulating superannuation as a result of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016.


Part 2—Exemption

5        Statements of Advice

(1)     A providing entity does not have to comply with section 946C of the Act in relation to urgent superannuation advice to the extent it requires the providing entity to give a client a Statement of Advice any earlier than 30 days after providing the advice to the client.

(2)     Subsection (1) applies where all of the following are satisfied:

(a)     the client expressly instructs the providing entity that they require the advice to be provided before 1 July 2017;

(b)     the advice is provided before 1 July 2017;

(c)     if the advice is or includes a recommendation to acquire a financial product and section 1019B of the Act may apply to the acquisition—the providing entity, at the time of providing the advice, gives the client in writing a statement:

(i)      explaining the nature of the rights that the client may have under section 1019B of the Act if they acquire the product; and

(ii)     indicating that the client may not receive a Statement of Advice in relation to the advice until after those rights have expired.

6        Condition

The providing entity must take all reasonable steps to give the client a Statement of Advice in relation to the urgent superannuation advice as soon as practicable after the advice is provided.