2013-2014 

 

The Parliament of the 

Commonwealth of Australia 

 

THE SENATE 

 

 

 

 

Presented and read a first time 

 

 

 

 

 

 

 

Corporations Amendment (Financial 

Advice) Bill 2014 

 

No.      , 2014 

 

(Senator Whish-Wilson) 

 

 

 

A Bill for an Act to amend the Corporations Act 

2001, and for related purposes 

   

   

 

 

No.      , 2014 

Corporations Amendment (Financial Advice) Bill 2014 

i 

 

Contents 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 1

 

3 

Schedule(s) ........................................................................................ 2

 

Schedule 1--Amendments

 

3

 

Corporations Act 2001

 

3

 

 

 

 

 

No.      , 2014 

Corporations Amendment (Financial Advice) Bill 2014 

1 

 

A Bill for an Act to amend the Corporations Act 

1 

2001, and for related purposes 

2 

The Parliament of Australia enacts: 

3 

1  Short title 

4 

 

  This Act may be cited as the Corporations Amendment (Financial 

5 

Advice) Act 2014. 

6 

2  Commencement 

7 

 

(1)  Each provision of this Act specified in column 1 of the table 

8 

commences, or is taken to have commenced, in accordance with 

9 

column 2 of the table. Any other statement in column 2 has effect 

10 

according to its terms. 

11 

 

12 

   

   

 

 

2 

Corporations Amendment (Financial Advice) Bill 2014 

No.      , 2014 

 

Commencement information 

Column 1 

Column 2 

Column 3 

Provision(s) 

Commencement 

Date/Details 

1.  Sections 1 to 3 

and anything in 

this Act not 

elsewhere covered 

by this table 

The day this Act receives the Royal Assent. 

 

2.  Schedule 1 

The day after the end of the period of 6 

months beginning on the day this Act 

receives the Royal Assent. 

 

Note:  

This table relates only to the provisions of this Act as originally 

1 

enacted. It will not be amended to deal with any later amendments of 

2 

this Act. 

3 

 

(2)  Any information in column 3 of the table is not part of this Act. 

4 

Information may be inserted in this column, or information in it 

5 

may be edited, in any published version of this Act. 

6 

3  Schedule(s) 

7 

 

  Each Act that is specified in a Schedule to this Act is amended or 

8 

repealed as set out in the applicable items in the Schedule 

9 

concerned, and any other item in a Schedule to this Act has effect 

10 

according to its terms. 

11 

Amendments  Schedule 1 

   

 

 

No.      , 2014 

Corporations Amendment (Financial Advice) Bill 2014 

3 

 

Schedule 1

--Amendments 

1 

   

2 

Corporations Act 2001 

3 

1  Section 761A (definition of general advice) 

4 

Repeal the definition. 

5 

2  Section 761A 

6 

Insert: 

7 

general information has the meaning given by 

8 

subsection 766B(4). 

9 

3  Subsection 766B(2) 

10 

Omit "general advice", substitute "general information". 

11 

4  Subsection 766B(4) 

12 

Omit "general advice", substitute "general information". 

13 

5  Paragraph 911A(2)(ea) 

14 

Omit "general advice", substitute "general information". 

15 

6  Subparagraph 911A(2)(ea)(i) 

16 

Omit "advice", substitute "information". 

17 

7  Paragraph 911A(2)(eb) 

18 

Omit "general advice", substitute "general information". 

19 

8  Subparagraph 911A(2)(eb)(i) 

20 

Omit "advice", substitute "information". 

21 

9  Paragraph 911A(2)(ec) 

22 

Omit "general advice", substitute "general information". 

23 

10  Subparagraph 911A(2)(ec)(i) 

24 

Omit "advice", substitute "information". 

25 

Schedule 1  Amendments 

   

 

 

4 

Corporations Amendment (Financial Advice) Bill 2014 

No.      , 2014 

 

11  Subparagraph 911A(2)(ed)(i) 

1 

Omit "general advice", substitute "general information". 

2 

12  Subparagraph 916F(1AA)(d)(i) 

3 

Omit "general advice", substitute "general information". 

4 

13  Subsection 941C(4) 

5 

Omit "general advice", substitute "general information". 

6 

14  Subsection 941C(5) 

7 

Omit "advice" (wherever occurring), substitute "general information". 

8 

15  Section 949A (heading) 

9 

Repeal the heading, substitute: 

10 

949A  General information provided to retail client--obligation to 

11 

warn client that information does not take account of 

12 

client's objectives, financial situation or needs 

13 

16  Subsection 949A(1) 

14 

Omit "advice" (wherever occurring), substitute "information". 

15 

17  Paragraph 949A(2)(a) 

16 

Omit "advice", substitute "information". 

17 

18  After paragraph 949A(2)(a) 

18 

Insert: 

19 

 

  (aa) the information is not advice; and 

20 

19  Paragraph 949A(2)(b) 

21 

Omit "because of that", substitute "because of the matters referred to in 

22 

paragraphs (a) and (aa)". 

23 

20  Paragraphs 949A(2)(b) and (c) 

24 

Omit "advice" (wherever occurring), substitute "information". 

25 

21  Subsection 949A(3) 

26 

Omit "advice" (wherever occurring), substitute "information". 

27 

Amendments  Schedule 1 

   

 

 

No.      , 2014 

Corporations Amendment (Financial Advice) Bill 2014 

5 

 

22  Subsection 1200F(1) (table item 

4, column headed "do not 

1 

app

ly, in relation to the offer, to:", paragraphs (b) and 

2 

(c)) 

3 

Omit "general advice", substitute "general information". 

4