Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 1   Delivering better financial outcomes - reducing red tape

Part 4   Conflicted remuneration

Corporations Act 2001

92   At the end of Part 10.78

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Division 2 - Conflicted remuneration

1708C Benefits given by a retail client

The amendments made by Part 4 of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 apply to benefits given on or after the commencement of that Part.

1708D Benefits for employees of ADIs

(1) The repeal of section 963D by item 91 of Part 4 of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 applies to a benefit given to a financial services licensee, or a representative of a financial services licensee, under an arrangement if:

(a) the arrangement was entered into on or after the day (the deferred start day ) that is 6 months after the commencement of that Part; or

(b) all of the following apply:

(i) the arrangement was varied on or after the deferred start day;

(ii) the variation related to the giving of benefits under the arrangement;

(iii) the benefit is given on or after the deferred start day.

(2) The repeal of that section also applies to a benefit if:

(a) the benefit is given to a financial services licensee, or a representative of a financial services licensee, otherwise than under an arrangement; and

(b) the benefit is given on or after the deferred start day.