Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019 (87 of 2019)

Schedule 1   Conflicted remuneration

Part 1   End of grandfathering arrangements from 1 January 2021

Corporations Act 2001

7   Subsection 1531(2)

Repeal the subsection, substitute:

(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.

(2) Section 1350 does not apply in relation to the operation of that Subdivision in respect of an asset-based fee.