Corporations Amendment (Future of Financial Advice) Bill 2012

Type: Government
Portfolio: Treasury
Originating house: House of Representatives
Status: Assent
Parliament no: 43
Summary: Amends the
Corporations Act 2001
to: require financial advisers to provide a fee disclosure statement to a client when charging advice fees for longer than 12 months; require financial advisers to provide a fee disclosure statement and a renewal notice to a client when charging advice fees for longer than 24 months; and extend the Australian Securities and Investments Commission’s licensing and banning powers used to supervise the financial services industry.

Progress

House of Representatives
13 Oct 2011	Introduced and read a first time
13 Oct 2011	Second reading moved
19 Mar 2012	Second reading debate
21 Mar 2012	Referred to Federation Chamber
21 Mar 2012	Second reading debate
22 Mar 2012	Second reading debate
22 Mar 2012	Reported from Federation Chamber
22 Mar 2012	Second reading agreed to
22 Mar 2012	Consideration in detail debate Amendment details: 18 Government agreed to
22 Mar 2012	Third reading agreed to

Senate
10 May 2012	Introduced and read a first time
10 May 2012	Second reading moved
19 Jun 2012	Second reading debate
20 Jun 2012	Second reading debate
20 Jun 2012	Second reading agreed to
20 Jun 2012	Third reading agreed to : Amendment details: 8 Government agreed to

House of Representatives
20 Jun 2012	Message from Senate reported
25 Jun 2012	Consideration of Senate message Details: House agreed to Senate amendments

25 Jun 2012	Text of bill as passed both Houses
27 Jun 2012	Assent Act no.: 67 Year: 2012

Documents and transcripts

Text of bill

First reading
Third reading
As passed by both houses

Explanatory memoranda

Supplementary explanatory memorandum
Replacement explanatory memorandum
Supplementary explanatory memorandum
Explanatory memorandum
Revised explanatory memorandum

Transcript of speeches

Proposed amendments

Senate
Government [sheet ZA285]
Opposition [sheet 7237] CORMANN, Sen Mathias

House of Representatives
Government [sheet BG223]
Government [sheet ZA284]
Non-Government HOCKEY, Joe, MP

Schedules of amendments

Schedule of the amendments made by the Senate

Committee Information

No documents at present

Bills Digest

Notes

Referred to Committee (13/10/2011): Joint Committee on Corporations and Financial Services; Committee report (29/02/2012)
Referred to Committee (03/11/2011): Senate Economics Legislation Committee; Committee report (14/03/2012)

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Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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