Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.18 - TRANSITIONAL AND APPLICATION PROVISIONS RELATING TO THE FUTURE OF FINANCIAL ADVICE MEASURES  

Division 1 - Provisions relating to the Corporations Amendment (Further Future of Financial Advice Measures) Act 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.

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.

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.

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.


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