Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.78 - PROVISIONS RELATING TO SCHEDULE 1 TO THE TREASURY LAWS AMENDMENT (DELIVERING BETTER FINANCIAL OUTCOMES AND OTHER MEASURES) ACT 2024  

Division 1 - Ongoing fee arrangements  

SECTION 1708B   APPLICATION - EXISTING ONGOING FEE ARRANGEMENTS  

1708B(1)    
This section applies in relation to an ongoing fee arrangement that is in force immediately before the start day.

1708B(2)    
Subject to this section, the amendments made by the amending Part apply in relation to the ongoing fee arrangement on and after the transition day for the arrangement.

Modified period for giving consent to ongoing fee arrangements

1708B(3)    
Section 962F applies in relation to the ongoing fee arrangement as if paragraph (1)(a) of that section instead required the client to have given a written consent that meets the requirements in section 962G in relation to the arrangement in the period that:

(a)    starts at the later of:

(i) the start day; and

(ii) 60 days before the transition day for the arrangement; and

(b)    ends 150 days after the transition day for the arrangement.

Changes relating to deductions of fees from accounts apply from 150 days after transition day

1708B(4)    
The repeal of section 962FA and the amendments of Subdivision C of Division 3 of Part 7.7A made by the amending Part apply in relation to the ongoing fee arrangement on and after the period of 150 days after the transition day for the arrangement.

Form requirements

1708B(5)    
The amendments of Subdivision D of Division 3 of Part 7.7A made by the amending Part apply in relation to consents being given for the purposes of that Division as amended by the amending Part.

Certain contraventions apply from the start day

1708B(6)    
The following apply in relation to conduct occurring wholly on or after the start day:

(a)    the repeal of section 962P ;

(b)    the repeal of subsections 962U(3) and 962V(3) ;

(c)    the insertion of section 962Z .