Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Further to the Corporations Amendment (Future of Financial Advice) Bill 2012, the bill amends the
Corporations Act 2001
  to: require financial advisers to act in the best interests of their clients and to put their client’s interests ahead of their own when providing advice; ban the payment and receipt of certain remuneration which has the potential to influence the financial product advice given to retail clients; ban volume-based shelf-space fees from asset managers or product issuers to platform operators; and ban asset-based fees on borrowed client monies.  

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Progress

House of Representatives
24 Nov 2011Introduced and read a first time
24 Nov 2011Second reading moved
19 Mar 2012Second reading debate
21 Mar 2012Referred to Federation Chamber
21 Mar 2012Second reading debate
22 Mar 2012Second reading debate
22 Mar 2012Reported from Federation Chamber
22 Mar 2012Second reading agreed to
22 Mar 2012Consideration in detail debate

Amendment details: 6 Government agreed to
22 Mar 2012Third reading agreed to
Senate
10 May 2012Introduced and read a first time
10 May 2012Second reading moved
19 Jun 2012Second reading debate
20 Jun 2012Second reading debate
20 Jun 2012Second reading agreed to
20 Jun 2012Third reading agreed to

: Amendment details: 10 Government agreed to
House of Representatives
20 Jun 2012Message from Senate reported
25 Jun 2012Consideration of Senate message

Details: House agreed to Senate amendments


25 Jun 2012Text of bill as passed both Houses
27 Jun 2012Assent

Act no.: 68

Year: 2012

Documents and transcripts

Text of bill

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Explanatory memoranda

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Transcript of speeches

Proposed amendments

Senate
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House of Representatives
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Schedules of amendments

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Committee Information

No documents at present

Bills Digest PDF Format

Notes

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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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