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Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Before Reps
Parliament no
46

Track (What's this?)

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Summary

Amends the: Australian Securities and Investments Commission Act 2001, Corporations Act 2001 and three other Acts to: expand the role of the Financial Services and Credit Panel to operate as a single disciplinary body for financial advisers; create new penalties and sanctions for financial advisers who have breached their obligations under the Corporations Act 2001; introduce a two-stage registration process for financial advisers; transfer functions from the Financial Adviser Standards and Ethics Authority to the minister and to the Australian Securities and Investments Commission; and introduce a single registration and disciplinary system for financial advisers who provide tax (financial) advice services; and Corporations Act 2001 to make amendments contingent on the commencement of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020.

Progress

House of Representatives
Introduced and read a first time 24 Jun 2021
Second reading moved 24 Jun 2021

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

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 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.