CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.18
-
TRANSITIONAL AND APPLICATION PROVISIONS RELATING TO THE FUTURE OF FINANCIAL ADVICE MEASURES
History
Pt 10.18 heading substituted by No 22 of 2016, s 3, Sch 1
[
41] (effective 19 March 2016).
Pt 10.18 inserted by No 68 of 2012, s 3, Sch 1[33] (effective 1 July 2012).
Division 1
-
Provisions relating to the Corporations Amendment (Further Future of Financial Advice Measures) Act 2012
History
Div 1 heading inserted by No 22 of 2016, s 3, Sch 1
[
42] (effective 19 March 2016).
SECTION 1526
DEFINITIONS
1526(1)
In this Part:
amending Act
means the
Corporations Amendment (Further Future of Financial Advice Measures) Act 2012
.
custodial arrangement
has the same meaning as it has in subsection
1012IA(1)
, subject to subsection (2).
platform operator
means the provider of a custodial arrangement, or custodial arrangements.
provider
, in relation to a custodial arrangement, has the same meaning as in subsection
1012IA(1)
.
1526(2)
The definition of
custodial arrangement
in subsection
1012IA(1)
is to be read as if the reference in that definition to an instruction included a reference to:
(a)
a direction of the kind mentioned in paragraph
58(2)(d)
or
(da)
of the
Superannuation Industry (Supervision) Act 1993
that will involve the acquisition of a particular financial product, or a financial product of a particular kind; and
(b)
a direction of the kind mentioned in subsection
52B(4)
ofthe
Superannuation Industry (Supervision) Act 1993
that will involve the acquisition of a particular financial product, or a financial product of a particular kind.
History
S 1526(2) substituted by No 61 of 2013, s 3, Sch 1, Pt 1
[
11] (effective 1 July 2013).
S 1526 inserted by No 68 of 2012, s 3, Sch 1[33] (effective 1 July 2012).
SECTION 1527
APPLICATION OF BEST INTERESTS OBLIGATIONS
1527(1)
The following apply in relation to the provision of personal advice to a person as a retail client on or after the application day (whether or not the advice was sought before that day):
(a)
Division
2
of Part
7.7A
, as inserted by item 23 of Schedule 1 to the amending Act;
(b)
the amendments made by items 6, 7, 8, 9 and 34 of Schedule 1 to the amending Act.
1527(2)
In this section:
application day
, in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:
(a)
if the financial services licensee has lodged notice with ASIC in accordance with subsection
967(1)
that the obligations and prohibitions imposed under Part
7.7A
are to apply to the licensee and persons acting as representatives of the licensee on and from the day specified in the notice
-
the day specified in the notice; or
(b)
if the person has not lodged such a notice
-
1 July 2013.
History
S 1527 inserted by No 68 of 2012, s 3, Sch 1[33] (effective 1 July 2012).
SECTION 1528
APPLICATION OF BAN ON CONFLICTED REMUNERATION
1528(1)
Subject to subsections
(1A)
and
(2)
, Division
4
of Part
7.7A
, as inserted by item 24 of Schedule 1 to the amending Act, applies to a benefit given to a financial services licensee, or a representative of a financial services licensee, if:
(a)
the benefit is given under an arrangement entered into on or after the application day; or
(b)
the benefit is given by a platform operator.
History
S 1528(1) substituted by No 87 of 2019, s 3, Sch 1[1] (effective 1 January 2021).
1528(1A)
Subject to subsection (2), Division
4
of Part
7.7A
, as inserted by item 24 of Schedule 1 to the amending Act, applies to a benefit given on or after 1 January 2021 to a financial services licensee, or a representative of a financial services licensee, if the benefit is given under an arrangement entered into before, on or after the application day.
History
S 1528(1A) inserted by No 87 of 2019, s 3, Sch 1[1] (effective 1 January 2021).
1528(2)
The regulations may prescribe circumstances in which that Division applies, or does not apply, to a benefit given to a financial services licensee or a representative of a financial services licensee.
1528(3)
Section
1350
does not apply in relation to the operation of that Division in respect of a benefit given to a financial services licensee, or a representative of a financial services licensee.
History
S 1528(3) substituted by No 87 of 2019, s 3, Sch 1[2] (effective 1 January 2021).
1528(4)
In this section:
application day
:
(a)
in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:
(i)
if the financial services licensee has lodged notice with ASIC in accordance with subsection
967(1)
that the obligations and prohibitions imposed under Part
7.7A
are to apply to the licensee and persons acting as representatives of the licensee on and from a day specified in the notice
-
the day specified in the notice; or
(ii)
in any other case
-
1 July 2013; and
(b)
in relation to any other person who would be subject to an obligation or prohibition under Division
4
of Part
7.7A
if it applied, means:
(i)
if a notice has been lodged with ASIC in accordance with subsection
967(3)
that the obligations and prohibitions imposed under Part
7.7A
are to apply to the person on and from a day specified in the notice
-
the day specified in the notice; or
(ii)
in any other case
-
1 July 2013.
History
S 1528 inserted by No 68 of 2012, s 3, Sch 1[33] (effective 1 July 2012).
SECTION 1529
APPLICATION OF BAN ON OTHER REMUNERATION
-
VOLUME-BASED SHELF-SPACE FEES
1529(1)
Subject to subsections (1A) and (2), Subdivision
A
of Division
5
of Part
7.7A
, as inserted by item 24 of Schedule 1 to the amending Act, applies to a benefit given to a financial services licensee, or an RSE licensee, under an arrangement entered into on or after the application day.
History
S 1529(1) substituted by No 87 of 2019, s 3, Sch 1[3] (effective 1 January 2021).
1529(1A)
Subject to subsection (2), Subdivision
A
of Division
5
of Part
7.7A
, as inserted by item 24 of Schedule 1 to the amending Act, applies to a benefit given on or after 1 January 2021 to a financial services licensee, or an RSE licensee, under an arrangement entered into before, on or after the application day.
History
S 1529(1A) inserted by No 87 of 2019, s 3, Sch 1[3] (effective 1 January 2021).
1529(2)
The regulations may prescribe circumstances in which that Subdivision applies to a benefit given to a financial services licensee, or an RSE licensee, under an arrangement entered into before the application day.
1529(2A)
Section
1350
does not apply in relation to the operation of that Subdivision in respect of a benefit given to a financial services licensee, or an RSE licensee.
History
S 1529(2A) inserted by No 87 of 2019, s 3, Sch 1[4] (effective 1 January 2021).
1529(3)
In this section:
application day
:
(a)
in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:
(i)
if the financial services licensee has lodged notice with ASIC in accordance with subsection
967(1)
that the obligations and prohibitions imposed under Part
7.7A
are to apply to the licensee and persons acting as representatives of the licensee on and from a day specified in the notice
-
the day specified in the notice; or
(ii)
in any other case
-
1 July 2013; and
(b)
in relation to any other person who would be subject to an obligation or prohibition under Subdivision
A
of Division
5
of Part
7.7A
if it applied, means:
(i)
if a notice has been lodged with ASIC in accordance with subsection
967(3)
that the obligations and prohibitions imposed under Part
7.7A
are to apply to the person on and from the day specified in the notice
-
the day specified in the notice; or
(ii)
in any other case
-
1 July 2013.
History
S 1529 inserted by No 68 of 2012, s 3, Sch 1[33] (effective 1 July 2012).
SECTION 1530
1530
SECTION 1350 DOES NOT APPLY TO REGULATIONS MADE FOR THE PURPOSES OF SUBSECTION 1528(2) OR 1529(2)
Section
1350
does not apply in relation to regulations made for the purposes of subsection
1528(2)
or
1529(2)
.
History
S 1530 substituted by No 87 of 2019, s 3, Sch 1[5] (effective 1 January 2021).
SECTION 1531
APPLICATION OF BAN ON OTHER REMUNERATION
-
ASSET-BASED FEES ON BORROWED AMOUNTS
1531(1)
Subject to subsection
(1A)
, Subdivision
B
of Division
5
of Part
7.7A
, as inserted by item 24 of Schedule 1 to the amending Act, applies to asset-based fees charged on or after the application day on borrowed amounts, but only to the extent that those amounts are used or to be used to acquire financial products on or after that day.
History
S 1531(1) amended by No 87 of 2019, s 3, Sch 1[6] (effective 1 January 2021).
1531(1A)
Subdivision
B
of Division
5
of Part
7.7A
, as inserted by item 24 of Schedule 1 to the amending Act, applies to asset-based fees charged on or after 1 January 2021 on borrowed amounts, where those amounts have been used, are used or are to be used, to any extent, to acquire financial products before, on or after the application day.
History
S 1531(1A) inserted by No 87 of 2019, s 3, Sch 1[7] (effective 1 January 2021).
1531(2)
Section
1350
does not apply in relation to the operation of that Subdivision in respect of an asset-based fee.
History
S 1531(2) substituted by No 87 of 2019, s 3, Sch 1[7] (effective 1 January 2021).
1531(3)
In this section:
application day
, in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:
(a)
if the financial services licensee has lodged notice with ASIC in accordance with subsection
967(1)
that the obligations and prohibitions imposed under Part
7.7A
are to apply to the licensee and persons acting as representatives of the licensee on and from the day specified in the notice
-
the day specified in the notice; or
(b)
if the person has not lodged such a notice
-
1 July 2013.
History
S 1531 inserted by No 68 of 2012, s 3, Sch 1[33] (effective 1 July 2012).
Division 2
-
Provisions relating to the Corporations Amendment (Financial Advice Measures) Act 2016
History
Div 2 inserted by No 22 of 2016, s 3, Sch 1
[
43] (effective 19 March 2016).
SECTION 1531A
1531A
DEFINITIONS
In this Division:
commencement day
means the day on which Schedule 1 to the
Corporations Amendment (Financial Advice Measures) Act 2016
commences.
History
S 1531A inserted by No 22 of 2016, s 3, Sch 1
[
43] (effective 19 March 2016).
SECTION 1531B
1531B
BEST INTERESTS OBLIGATION
The amendments made by items 12, 14A and 16 of Schedule 1 to the
Corporations Amendment (Financial Advice Measures) Act 2016
apply in relation to the provision of personal advice to a person as a retail client on or after the commencement day.
History
S 1531B inserted by No 22 of 2016, s 3, Sch 1
[
43] (effective 19 March 2016).
SECTION 1531C
RENEWAL NOTICES (OPT-IN REQUIREMENT)
1531C(1)
The amendment made by item 21 of Schedule 1 to the
Corporations Amendment (Financial Advice Measures) Act 2016
applies in relation to an ongoing fee arrangement for those renewal notice days for the arrangement that occur on or after the commencement day.
1531C(2)
In this item:
renewal notice day
for an ongoing fee arrangement has the same meaning as it has in Part
7.7A
, as in force immediately before the commencement day.
History
S 1531C inserted by No 22 of 2016, s 3, Sch 1
[
43] (effective 19 March 2016).
SECTION 1531D
1531D
DISCLOSURE STATEMENTS
The amendments made by items 20A, 20B and 22 of Schedule 1 to the
Corporations Amendment (Financial Advice Measures) Act 2016
apply in relation to an ongoing fee arrangement for those disclosure days for the arrangement that occur on or after the commencement day.
History
S 1531D inserted by No 22 of 2016, s 3, Sch 1
[
43] (effective 19 March 2016).
SECTION 1531E
1531E
CONFLICTED REMUNERATION
The amendments made by items 23 to 35 of Schedule 1 to the
Corporations Amendment (Financial Advice Measures) Act 2016
apply in relation to a benefit if:
(a)
the benefit is one to which Division
4
of Part
7.7A
applies under section
1528
; and
(b)
the benefit is given on or after the commencement day.
History
S 1531E inserted by No 22 of 2016, s 3, Sch 1
[
43] (effective 19 March 2016).