Corporations Point-in-Time Service Updates

Tuesday 3 December 2019 @ 3.06 p.m.

The Corporations Point-in-Time Service has been updated to include the Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Regulations 2019 (Cth) and the Treasury Laws Amendment (Financial Services Improved Consumer Protection) (Funeral Expenses Facilities) Regulations 2019 (Cth).

Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Regulations 2019

The purpose of the Regulations is to amend the Corporations Regulations 2001 to provide for a scheme by which conflicted remuneration in relation to financial product advice that remains payable on or after 1 January 2021 will be rebated to affected retail customers by means of payments or other monetary benefits. The Regulations also place record-keeping requirements on Australian financial services licensees who are required to rebate conflicted remuneration.  The Regulations also repeal provisions that grandfather conflicted remuneration that are contained in the Corporations Regulations 2001.

Treasury Laws Amendment (Financial Services Improved Consumer Protection) (Funeral Expenses Facilities) Regulations 2019

The purpose of the Regulations is to implement recommendation 4.2 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry to remove the exemption for funeral expenses policies from the definition of financial products under the Act.    

These amendments have been updated in the Point-in-Time Corporations Service current to 2 December 2019. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial

Legislation hotline: 1800 077 088

FREE legislation news, delivered weekly.

Sign up now.

We love legislation. About us.

NEW information resources - great for training.

Access now.

Law One product page. Search national legislation.Point in Time product page. Search legislation by time period.

Parliamentary sitting dates

Parliamentary sitting dates are shaded. Simply rollover any shaded date to see which houses in which jurisdictions are sitting.