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

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

First reading

Third reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Revised explanatory memorandum

Supplementary explanatory memorandum

Supplementary explanatory memorandum

Transcript of speeches

Proposed amendments

House of representatives

Government [sheet ZA349]

Senate

Government [sheet GU108]

Independent [sheet 7569]
MADIGAN, Sen John
XENOPHON, Sen Nick

Schedules of amendments

Schedule of the amendments made by the Senate

Bills digest

Bills Digest

Notes

Referred to Committee (20/03/2014): Senate Economics Legislation Committee; Committee report (16/06/2014)
Referred to Committee (04/09/2014): Senate Economics Legislation Committee; Committee report (22/09/2014)
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

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.

Senate

House of Representatives

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