Corporations Legislation Amendment (Professional Standards of Financial Advisers) Regulations 2017 (Cth)

Corporations Legislation Amendment (Professional Standards of Financial Advisers) Regulations 2017

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 09 February 2017

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Kelly O’Dwyer

Minister for Revenue and Financial Services

Contents

1Name

This instrument is the Corporations Legislation Amendment (Professional Standards of Financial Advisers) Regulations 2017.

2Commencement

1. (1)

   Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. The whole of this instrument	The later of: (a) the start of the day after this instrument is registered; and (b) the commencement of the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017.	15 March 2017 (paragraph (b) applies)

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

1. (2)

   Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3Authority

This instrument is made under the following:

1. (a)

   the Corporations Act 2001;

2. (b)

   the Corporations (Fees) Act 2001.

4Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Corporations (Fees) Regulations 2001

1

Paragraph 9A(1)(b)

Omit “or 922H(1)”, substitute “, 922H(1), 922HB(1) or 922HD(1)”.

2

Subregulation 9A(1) (note)

Repeal the note, substitute:

Note: Some of the notices referred to in subregulation (1) may be combined in a single notice.

3

Paragraph 9A(3)(a)

After “or 922K(1)”, insert “or section 1546X”.

1. 4

   Subregulation 9A(5) (paragraph (b) of the definition of prescribed amount)

Omit “of that Act, or both”, substitute “or both, or under subsection 922HB(1) or 922HD(1), of that Act”.

1. 5

   Subregulation 9A(5) (paragraph (b) of the definition of relevant number of persons)

Omit “subsection 922D(1) or 922H(1)”, substitute “subsection 922D(1), 922H(1), 922HB(1) or 922HD(1)”.

1. 6

   Subregulation 9A(5) (definition of relevant provider)

Omit “section 922C”, substitute “section 910A”.

7

Subparagraph 9B(1)(a)(ii)

After “922H(1),”, insert “922HB(1), 922HD(1),”.

8

Subregulation 9B(1) (note)

Repeal the note.

1. 9

   Subregulation 9B(5) (paragraph (b) of the definition of relevant number for the higher amount)

After “922H(1),”, insert “922HB(1), 922HD(1),”.

1. 10

   Subregulation 9B(5) (paragraph (b) of the definition of relevant number for the lower amount)

After “922H(1),”, insert “922HB(1), 922HD(1),”.

11

Division 2 of Part 3

Repeal the Division.

12

Schedule 1 (table item 31A, column 2)

Omit “1274(2)”, substitute “1274A(2)”.

1. 13

   Schedule 1 (table item 31A, column 2, paragraph (d))

Repeal the paragraph, substitute:

(d) the Register of Relevant providers maintained under section 922Q of the Corporations Act;

14

Schedule 1 (after table item 46)

Insert:

46AA On lodging a notice under subsection 922HA(1) $250

Corporations Regulations 2001

15

Regulations 7.6.02AI, 7.6.06A and 7.6.06B

Repeal the regulations.

16

Regulation 7.6.06C

Omit “, 7.6.06 or 7.6.06B”, substitute “or 7.6.06”.

17

Paragraph 9.1.01(q)

Repeal the paragraph, substitute:

1. (q)

   the Register of Relevant Providers maintained under section 922Q of the Act.

18

Paragraph 9.1.02(q)

Repeal the paragraph, substitute:

1. (q)

   in relation to the Register of Relevant Providers (within the meaning of section 910A of the Act):

   1. (i)

      all of the information in the Register (other than a relevant provider’s date and place of birth) which ASIC considers appropriate for a person to search in accordance with subsection 1274A(3) of the Act; or

   2. (ii)

      all of the information in the Register (other than a relevant provider’s date and place of birth) which ASIC considers appropriate to make available in accordance with subsection 1274A(4) of the Act.

19

Part 10.20

Repeal the Part.

20

Schedule 8D

Repeal the Schedule.