CORPORATIONS ACT 2001
CHAPTER 10
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TRANSITIONAL PROVISIONS
PART 10.18
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TRANSITIONAL AND APPLICATION PROVISIONS RELATING TO THE FUTURE OF FINANCIAL ADVICE MEASURES
Division 1
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Provisions relating to the Corporations Amendment (Further Future of Financial Advice Measures) Act 2012
SECTION 1528
APPLICATION OF BAN ON CONFLICTED REMUNERATION
1528(1)
Subject to subsections (2) and (3), Division 4 of Part 7.7A , as inserted by item 24 of Schedule 1 to the amending Act, does not apply 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 before the application day; and
(b) the benefit is not given by a platform operator. 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)
Despite subsection (1), that Division does not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of that Division would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution). 1528(4)
In this section:
(a) in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means:
(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:
View history note
Hide history noteSubject to subsections (2) and (3), Division 4 of Part 7.7A , as inserted by item 24 of Schedule 1 to the amending Act, does not apply 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 before the application day; and
(b) the benefit is not given by a platform operator. 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)
Despite subsection (1), that Division does not apply to a benefit given to a financial services licensee, or a representative of a financial services licensee, to the extent that the operation of that Division would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution). 1528(4)
In this section:
(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.
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