King & Wood Mallesons

Asia-Pacific 100 position: 3

More FoFA regulations: grandfathering and financial advice businesses

The government has released an exposure draft Corporations Amendment Regulation concerning the ban on conflicted remuneration. If made, the regulation will change the transitional arrangements for conflicted remuneration and provide an exception for the purchase of financial advice businesses. Submissions are due by 18 March 2013.

The transitional arrangements for conflicted remuneration will change both for benefits given by platform operators and for benefits given by others.

Where the benefit provider is a platform operator, in order for the ban not to apply the benefit will still have to be given under an arrangement entered into before the “application day”. This is 1 July 2013, unless a notice to opt in early is lodged with ASIC (for ease of reference we use 1 July 2013 as a reference to the application day in the rest of this alert)…

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