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
.