Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016

Originating house
House of Representatives
Parliament no

Track (What's this?)



Amends the: Corporations Act 2001 to: require that certain financial advisers meet specified education and training standards and comply with a code of ethics; apply transitional arrangements to existing financial advisers; impose an obligation on an Australian financial services licensee to ensure that its financial advisers comply with the education standards and are covered by a compliance scheme; restrict the use of the titles ‘financial adviser’ and ‘financial planner’; amend the content requirements for the register of financial advisers; provide for sanctions where a financial adviser or licensee fails to comply with the new obligations; and establish a standards body which will approve foreign qualifications and develop and set the education standards and code of ethics; and Tax Agent Services Act 2009 to provide for the Tax Practitioners Board and monitoring bodies to share information.


House of Representatives
Introduced and read a first time 23 Nov 2016
Second reading moved 23 Nov 2016
Second reading debate 07 Feb 2017
Second reading agreed to 07 Feb 2017
Third reading agreed to 07 Feb 2017
Introduced and read a first time 08 Feb 2017
Second reading moved 08 Feb 2017
Second reading debate 09 Feb 2017
Second reading agreed to 09 Feb 2017
Third reading agreed to 09 Feb 2017
Finally passed both Houses 09 Feb 2017
  • Act no: 7
  • Year: 2017
22 Feb 2017

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest


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 changes 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.

We acknowledge the traditional owners and custodians of country throughout Australia and acknowledge their continuing connection to land, waters and community. We pay our respects to the people, the cultures and the elders past, present and emerging.

Aboriginal and Torres Strait Islander people are advised that this website may contain images and voices of deceased people.