Corporations Amendment (Financial Advice Measures) Bill 2016

Previous Citations
  • Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014
Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Amends the Corporations Act 2001 to: remove the seventh step (the “catch all”) from the steps an advice provider may take in order to satisfy best interest obligations; enable clients and providers to agree on the scope of advice to be provided; remove the renewal notice obligations for fee recipients; remove the requirement to provide yearly fee disclosure statements to certain clients; provide for a general advice exemption to exempt benefits that relate to general advice from the ban on conflicted remuneration in certain circumstances; and make consequential amendments.

Progress

House of Representatives
Introduced and read a first time 19 Mar 2014
Second reading moved 19 Mar 2014
Second reading debate 27 Aug 2014
Second reading debate 28 Aug 2014
Second reading agreed to 28 Aug 2014
Consideration in detail debate
  • Amendment details: 7 Government agreed to
28 Aug 2014
Third reading agreed to 28 Aug 2014
Senate
Introduced and read a first time 01 Sep 2014
Second reading moved 01 Sep 2014
Second reading debate 24 Nov 2015
Second reading agreed to 24 Nov 2015
Committee of the Whole debate
  • Amendment details: 29 Government agreed to
24 Nov 2015
Third reading agreed to 24 Nov 2015
House of Representatives
Message from Senate reported 25 Nov 2015
Consideration of Senate message
  • Details: House agreed to Senate amendments
01 Mar 2016
Finally passed both Houses 01 Mar 2016
Assent
  • Act no: 22
  • Year: 2016
18 Mar 2016

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

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Bills digest

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Notes

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 theĀ 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.