Repeal the section.

Repeal the definition.

After “oath”, insert “or affirmation”.

After “oath”, insert “or affirmation”.

Add:

Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.

Repeal the subsection, substitute:

Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.

Omit “(1)”.

Repeal the subsection, substitute:

Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.

After “oath”, insert “or affirmation”.

Repeal the subsections, substitute:

Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.

Repeal the section.

Corporations Act 2001

Omit “subsection 22(3)”, substitute “section 2H”.

Repeal the section.

Repeal the following definitions:

Repeal the section, substitute:

then the thing may instead be done on the next day that is a business day in that place.

Omit “Acts Interpretation Act 1901”.section 9”, substitute “section 2B of the

Omit “Judges”, substitute “judges”.

After “oath”, insert “or affirmation”.

Repeal the note, substitute:

Note 2: For the definition of writing, see section 2B of the Acts Interpretation Act 1901.

Repeal the definition.

Omit “Judge”, substitute “judge”.

Repeal the subsections, substitute:

Note: Part 1.2 of the Corporations Act includes the Dictionary in section 9 of that Act, so the definitions in that section apply for the purposes of this Act unless this Act otherwise provides.

Corporations Act 2001

Insert:

This Part sets out the main interpretative provisions for this Act. Particular provisions of this Act may have different or additional interpretative provisions. Terms may be defined only for a particular purpose or have a different definition for different purposes.

The Dictionary in section 9 includes a definition for each term that is defined in this Act, except:

To the extent that a term used in a provision is not defined in this Act, it has its ordinary meaning.

Repeal the section, substitute:

In some cases, the definition is a signpost to another provision or Act which defines the term.

Note 1: An example for paragraph (a) is a definition that is expressed as being for the purposes of a section or subsection.

Note 2: Schedule 2 also has its own Dictionary: see section 5-5 of Schedule 2. Subject to Schedule 2, the Dictionary in section 9 also has effect for the purposes of Schedule 2.

Note 3: This Part, including the Dictionary in section 9, also has effect for the purposes of the ASIC Act: see subsection 5(2) of that Act.

Note: This Act also uses bold italics to “tag” a concept with a label for use as a narrative device.

Example 1: The definition of complaint in section 9 defines the term only in Part 7.8A. The term has it its ordinary meaning in all other Parts of this Act.

Example 2: The definition of participant in section 9 defines the term only in relation to a clearing and settlement facility and in relation to a financial market. The term has it its ordinary meaning when used in relation to all other persons and things.

Omit “Unless the contrary intention appears”, substitute “In this Act”.

Omit “when used in a provision outside Schedule 2”.

Repeal the heading, substitute:

Note: A number of expressions used in this Schedule are defined in section 9 of this Act.

Australian Securities and Investments Commission Act 2001

Repeal the definition.

Corporations Act 2001

Add:

Note: See also doing an act or thing.

Insert:

asset has the meaning given by section 9AB.

Repeal the definition.

Add:

; and (c) for the purposes of Chapter 5 and Part 9.2—has a meaning affected by subsection 6(2) (about Part 5.7 bodies).

Insert:

borrow includes obtain credit and:

Repeal the definition.

Repeal the definition, substitute:

carry on, in relation to a business, has a meaning affected by Division 3.

Repeal the definition.

Repeal the definition, substitute:

circulating security interest means a security interest that is:

Note: Security interests are either PPSA security interests, or charges, liens or pledges: see security interest.

Insert:

client:

Note: See also retail client and wholesale client.

Repeal the definition, substitute:

director has the meaning given by section 9AC.

Insert:

disclosing entity provisions has the meaning given by section 111AR.

doing an act or thing includes causing or authorising the act or thing to be done.

in default:

Repeal the definition, substitute:

interest:

Insert:

in this jurisdiction or elsewhere has a meaning affected by subsection 102B(1).

Repeal the definition, substitute:

involved:

Repeal the definition, substitute:

issue:

Repeal the definition, substitute:

law:

Note: The definition in paragraph (a) does not affect the meaning of law when used otherwise than in a phrase such as “law of a State or Territory”. Examples of such a use are in the phrase “any provision of any law” in section 100A and the phrase “law of the Commonwealth” in section 156.

Omit “in section 51 of this Act”, substitute “in this section”.

Repeal the definition.

Insert:

liability:

Omit “subsection 111AL(1)”, substitute “section 111AL”.

Repeal the definition, substitute:

lodge:

Insert:

number of shares, in relation to a body corporate, has a meaning affected by section 101.

offer:

and that person is the offeror of the security.

Note: Section 1010C applies for the purposes of Part 7.8A: see subsection 994A(3).

officer has the meaning given by section 9AD.

Repeal the following definitions:

Repeal the definition, substitute:

person:

Insert:

possessory security interest, in relation to property, means a security interest that is:

Note: Security interests are either PPSA security interests, or charges, liens or pledges: see security interest.

Repeal the definition, substitute:

PPSA security interest (short for Personal Property Securities Act security interest) means a security interest within the meaning of the Personal Property Securities Act 2009 and to which that Act applies, other than a transitional security interest within the meaning of that Act.

Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property: see the following provisions of that Act:

Note 2: For the meaning of transitional security interest, see section 308 of the Personal Property Securities Act 2009.

Insert:

prescribed form: see section 350.

Insert:

Repeal the paragraph, substitute:

Omit “(a) to (h)”, substitute “(a) to (i)”.

Repeal the definition, substitute:

receiver has a meaning affected by paragraph 434D(b) (which deals with 2 or more persons appointed as receivers) and:

Repeal the definition, substitute:

register:

Note: See also Business Names Register and Register of Relevant Providers.

Repeal the definition, substitute:

Registrar means:

Repeal the note, substitute:

Note: See also PPSA retention of title property and PPSA security interest.

Repeal the definition, substitute:

secured creditor:

Repeal the definition, substitute:

secured party, in relation to a security interest, means:

Note: Security interests are either PPSA security interests, or charges, liens or pledges: see security interest.

Repeal the definition, substitute:

security interest means:

Insert:

shares: see number of shares.

Repeal the definition.

Insert:

regardless of the name that is given to their position; and

Note: Examples of provisions for which a person would not be a director because of paragraph (b) of this subsection include:

Note: Section 201B contains rules about who can be a director of a corporation.

Repeal the section.

Add:

Note: See also section 911D for when a financial services business is taken to be carried on in this jurisdiction.

Repeal the heading, substitute:

Repeal the sections.

Repeal the heading.

Repeal the heading.

Repeal the section.

Repeal the heading, substitute:

Repeal the heading, substitute:

Repeal the heading, substitute:

Repeal the heading, substitute:

Repeal the heading, substitute:

Repeal the heading, substitute:

Omit “involved”, substitute “involved”.

Repeal the section.

Omit “(as defined in Chapter 7)”, substitute “(as defined in section 761D)”.

Omit “paragraph (d) of the definition of security in section 761A”, substitute “paragraph (5)(d) of this section”.

Omit “(as defined in Chapter 7)”, substitute “(as defined in section 761D)”.

After “6CA (inclusive)”, insert “and Part 8B.7”.

Omit “(as defined in Chapter 7)”, substitute “(as defined in section 761D)”.

Repeal the subsection, substitute:

Note: However, in Chapter 6D, securities does not include securities in a CCIV: see section 1240G.

but does not include an excluded security or a foreign passport fund product.

Repeal the section.

Repeal the heading, substitute:

Repeal the section.

Repeal the section, substitute:

A disclosing entity is a listed disclosing entity if all or any ED securities of the entity are quoted ED securities.

Omit “For the purposes of this Division, the”, substitute “The”.

Omit “83,”.

Omit “(see involved”, substitute “: see the definitions of in default and involved in section 9”.section 83). Section 79 defines

Omit “(see involved”, substitute “: see the definitions of in default and involved in section 9”.section 83). Section 79 defines

Repeal the note, substitute:

Note 1: A circulating security interest can be either a PPSA security interest to which a circulating asset has attached or a floating charge: see the definition of circulating security interest in section 9.

Repeal the paragraph, substitute:

Repeal the subsections.

Omit “Control”, substitute “In this Part, control”.

Omit “(see doing in section 9”.section 52)”, substitute “: see the definition of

Omit “, because of section 52 of this Act,”.

Omit “within the meaning of section 761A”, substitute “as defined in subsection 92(5)”.

Repeal the subsection, substitute:

Note: For example, an option to acquire by way of issue a share in a CCIV (covered by paragraph 95(d)) is referable to the sub-fund of the CCIV to which the share (covered by paragraph 95(a)) is referable.

Repeal the paragraph, substitute:

Corporations Act 2001

Repeal the definition, substitute:

annual transparency report means a report required by section 332A.

Insert:

auditor’s report means:

chief executive function has the meaning given by section 295A.

chief financial officer function has the meaning given by section 295A.

conflict of interest situation, in Chapter 2M (financial reports and audit), has the meaning given by section 324CD.

corporate responsibility provision has the meaning given by section 188.

directors’ report means:

equal reduction has the meaning given by subsection 256B(2).

Repeal the definition, substitute:

financial benefit: see giving a financial benefit.

Repeal the definition, substitute:

financial report means:

Insert:

giving a financial benefit has a meaning that is affected by section 229.

Insert:

independent person, in Part 2G.7 (independent reports on polls), has the meaning given by section 253UA.

Omit “audit report”, substitute “auditor’s report”.

Insert:

replaceable rule: see section 135.

selective reduction has the meaning given by subsection 256B(2).

Note: For the purposes of applying this definition to an MCI mutual entity, see subsection 258G(2).

shareholder:

spill meeting has the meaning given by subsection 250V(1).

spill resolution has the meaning given by subsection 250V(1).

Repeal the section, substitute:

This Part sets out some of the most significant duties of directors, secretaries, other officers and employees of corporations. Other duties are imposed by other provisions of this Act and other laws (including the general law).

Note: For a CCIV there are additional duties, see Divisions 2 and 3 of Part 8B.3.

The officers of a corporation include, as well as its directors and secretaries, some other people who manage the corporation or its property (such as receivers and liquidators).

Note: For the definitions of director and officer, see sections 9AC and 9AD.

Repeal the notes, substitute:

Note 1: For the criminal liability of a person dishonestly involved in a contravention of this subsection, see subsection 209(3).

Note 2: This section applies to a CCIV in a modified form: see section 1227A.

Omit “this Chapter”, substitute “this Act”.

Omit “audit report”, substitute “auditor’s report”.

Omit “audit report”, substitute “auditor’s report”.

Omit “audit report”, substitute “auditor’s report”.

Omit “audit report”, substitute “auditor’s report”.

Omit “audit report”, substitute “auditor’s report”.

Omit “audit report”, substitute “auditor’s report”.

Omit “annual transparency report”, substitute “annual transparency report”.

Omit “audit report”, substitute “auditor’s report”.

Repeal the note.

Repeal the definition.

Corporations Act 2001

Insert:

appropriate officer, in Part 5.8 (offences), has the meaning given by subsection 589(5).

Repeal the definition, substitute:

eligibility criteria:

Repeal the definition.

Insert:

eligible unsecured creditor has the meaning given by section 579Q.

employee of a company, in Part 5.8A (employee entitlements), has the meaning given by subsections 596AA(4) and (5).

Insert:

section 486B warrant means a warrant issued under section 486B.

section 513CA day has the meaning given by section 513CA.

Insert:

triggering event has the meaning given by section 500AAA.

Repeal the section, substitute:

In this Part:

property, in relation to a corporation, means property:

Note: See property).section 9 (definition of

receiver, in relation to property of a corporation, includes a receiver and manager.

Insert:

Insert:

has been guilty of an offence in relation to the corporation; or

Insert:

Omit “Officers”, substitute “Reporting officers”.

Insert:

Add:

; (e) if the corporation is a registered foreign company—persons who:

Repeal the section, substitute:

In this Part:

property of a company includes any PPSA retention of title property of the company.

Note: See sections 9 (definition of property) and 51F (PPSA retention of title property). An extended definition of property applies in subsection 444E(3): see subsection 444E(4).

receiver includes a receiver and manager.

Repeal the section, substitute:

In this Part:

property of a company includes any PPSA retention of title property of the company.

Note: See sections 9 (definition of property) and 51F (PPSA retention of title property).

Repeal the heading, substitute:

Repeal the section, substitute:

In this Part:

property of a company includes PPSA retention of title property, if the security interest in the property is vested in the company because of the operation of any of the following provisions:

Note: See sections 9 (definition of property) and 51F (PPSA retention of title property).

Insert:

Each of the following is a triggering event in relation to a company:

Omit “(see section 489F)”.

Repeal the heading, substitute:

Repeal the heading, substitute:

Repeal the section.

Omit all the words after “each other in”, substitute:

all matters (external administration matters) relating to:

Repeal the subparagraph, substitute:

Repeal the heading, substitute:

Repeal the section, substitute:

Note 1: As a result of this section, in this Division, company has the same meaning as in the Personal Property Securities Act 2009.

Note 2: For PPSA security interest, see section 9.

Insert:

Meaning of appropriate officer and property

Repeal the definition.

Add:

Meaning of relevant day

relevant day means the day on which:

Repeal the heading, substitute:

Repeal the heading, substitute:

Corporations Act 2001

Insert:

compliance committee means a compliance committee established under section 601JA.

liquid:

Omit “(as defined in section 601KA)”.

Australian Securities and Investments Commission Act 2001

Repeal the following definitions:

Corporations Act 2001

Insert:

certificate of transfer has the meaning given by subsection 601WBG(1).

common fund, in Chapter 5D (licensed trustee companies), has the meaning given by subsection 601SCA(2).

compulsory transfer determination has the meaning given by subsection 601WBA(1).

estate assets and liabilities has the meaning given by section 601WAA.

estate management functions has the meaning given by subsection 601RAC(2).

estate that is administered or managed has the meaning given by subsection 601SBB(1A).

fees, in Chapter 5D (licensed trustee companies), has the meaning given by section 601RAA.

Repeal the definition, substitute:

licensed trustee company means a trustee company that holds an Australian financial services licence covering the provision of one or more traditional trustee company services.

Note: Traditional trustee company services are financial services: see subsection 766A(1A).

Insert:

person with a proper interest, in relation to an estate, has a meaning affected by section 601RAD.

receiving company has the meaning given by subsection 601WBA(1).

traditional trustee company services has the meaning given by subsection 601RAC(1).

transfer determination has the meaning given by subsection 601WBA(1).

transferring company has the meaning given by subsection 601WBA(1).

trustee company has the meaning given by subsection 601RAB(1).

trustee company provisions has the meaning given by section 601RAE.

voluntary transfer determination has the meaning given by subsection 601WBA(1).

will includes a codicil and any other testamentary writing.

Omit “(within the meaning of Chapter 5D)”.

Omit “(within the meaning of Chapter 5D)”.

Repeal the section, substitute:

In this Chapter:

fees means fees in the nature of remuneration (including commission).

law means an Australian law and includes a rule of common law or equity.

Omit “of trustee company”.

Omit “(as defined in section 601VAA)”.

Insert:

Omit “A fund”, substitute “For the purposes of this Chapter, a fund”.

Repeal the heading, substitute:

Repeal the section, substitute:

A company’s estate assets and liabilities are assets (including assets in common funds) and liabilities of an estate, or incurred in relation to an estate, in relation to which the company was performing estate management functions, if the assets and liabilities were vested in or otherwise belonged to the company:

Note: This Part does not apply to liabilities for breach of trust etc.: see section 601WBK.

Repeal the paragraph, substitute:

Omit “An authorised ASIC officer”, substitute “A person authorised under section 601WCI”.

Omit “an authorised ASIC officer”, substitute “a person authorised under section 601WCI”.

Omit “an authorised ASIC officer”, substitute “a person authorised under section 601WCI”.

Add:

ASIC may, in writing, authorise a person who is a member, or staff member, of ASIC to perform functions or exercise powers under section 601WCA, 601WCB or 601WCC.

Omit “(within the meaning of Division 1 of Part 7.4)”.

Omit “within the meaning of that Division”.

Omit “(within the meaning of Division 1 of Part 7.4)”.

Omit “within the meaning of that Division”.

Australian Securities and Investments Commission Act 2001

Omit “Part 6.9”, substitute “Subdivision B of Division 2 of Part 6.10”.

Corporations Act 2001

Omit “voting”.

Before “issued”, insert “allotted,”.

Repeal the section.

Omit “bid class”, substitute “bid class”.

Australian Securities and Investments Commission Act 2001

Omit “the Panel”, substitute “the Takeovers Panel”.

Omit “Panel” (wherever occurring), substitute “Takeovers Panel”.

Repeal the definition.

Repeal the definition.

Omit “Panel”, substitute “Takeovers Panel”.

Insert:

Takeovers Panel means the Takeovers Panel continued in existence by section 261.

Takeovers Panel proceedings means proceedings before the Takeovers Panel on:

Omit “Panel”, substitute “Takeovers Panel”.

Repeal the subsection, substitute:

Takeovers Panel proceedings includes a part of Takeovers Panel proceedings.

Corporations Act 2001

Repeal the definition.

Insert:

Takeovers Panel means the Takeovers Panel continued in existence by section 261 of the ASIC Act.

Australian Securities and Investments Commission Act 2001

Insert:

arrangement has the meaning given by subsection 761B(1) of the Corporations Act.

Repeal the definition.

Insert:

dealing in a financial product has the meaning given by section 766C of the Corporations Act and deal in a financial product has a corresponding meaning.

Repeal the paragraph, substitute:

Omit “Chapter 7 of”.

Omit “Chapter 7 of that Act”, substitute “of the Corporations Act”.

Insert:

person has the same meaning as in Chapter 7 of the of the Corporations Act.

Note: See sections 761F (which deals with partnerships) and 761FA (which deals with multiple trustees) of the Corporations Act.

Repeal the definition.

Repeal the following definitions:

Insert:

security has the meaning given by subsection 92(5) of the Corporations Act.

Repeal the definition.

Omit “Chapter 7 of the Corporations Act 2001”, substitute “the Corporations Act”.

Repeal the paragraphs, substitute:

Repeal the subparagraph, substitute:

Repeal the paragraph, substitute:

Omit “(within the meaning of Chapter 7 of the Corporations Act 2001)”.

Omit “(within the meaning of Chapter 7 of the Corporations Act 2001)”.

Corporations Act 2001

Insert:

able to be traded on a market:

Repeal the definition, substitute:

acquire, in relation to a financial product, has the meaning given by section 761E.

Insert:

adequate, in relation to compensation arrangements or proposed compensation arrangements, has the meaning given by section 885B.

AFCA (short for the Australian Financial Complaints Authority) has the meaning given by section 761A.

AFCA regulated superannuation scheme has the meaning given by section 761A.

AFCA scheme has the meaning given by section 761A.

AFCA staff member has the meaning given by section 761A.

anniversary day for an ongoing fee arrangement has the meaning given by subsection 962G(3).

Repeal the definition, substitute:

annual turnover, of a body corporate during a 12-month period, means the sum of the values of all the supplies that the body corporate, and any body corporate related to the body corporate, have made, or are likely to make, during the 12-month period, other than:

Expressions used in this definition that are also used in the A New Tax System (Goods and Services Tax) Act 1999 have the same meaning as in that Act.

Insert:

annuity policy has the meaning given by section 761A.

apportionable claim, in Division 2A (proportionate liability for misleading and deceptive conduct) of Part 7.10, has the meaning given by subsection 1041L(1).

appropriate, in relation to a target market determination, has the meaning given by subsection 994B(8A).

approved deposit fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

Repeal the definition, substitute:

arrangement:

Note: In Part 7.1, see also subsection 761B(2).

Insert:

asset-based fee has the meaning given by section 964F.

Repeal the definition, substitute:

Australian CS facility licence means a licence under section 824B that authorises a person to operate a clearing and settlement facility.

Repeal the definition, substitute:

Australian derivative trade repository licence means a licence under section 905C that authorises a body corporate to operate a derivative trade repository.

Repeal the definition, substitute:

Australian financial services licence means a licence under section 913B that authorises a person who carries on a financial services business to provide financial services.

Repeal the definition, substitute:

Australian market licence means a licence under section 795B that authorises a person to operate a financial market.

Insert:

authorised clearing and settlement facility has the meaning given by section 761A.

authorised representative of a financial services licensee means a person authorised in accordance with section 916A or 916B to provide a financial service or financial services on behalf of the licensee.

Repeal the definition.

Insert:

basic banking product has the meaning given by section 961F.

basic deposit product means a deposit product that is a facility in relation to which the following conditions are satisfied:

whether or not the withdrawal or transfer will attract a reduction in the return generated for the depositor as mentioned in subparagraph (c)(i); and

benefit ratio has the meaning given by subsection 963B(3A).

benefit ratio requirements has the meaning given by subsection 963BA(1).

binder has the meaning given by section 761A.

body corporate licensee has the meaning given by section 910A.

cancellation time, in relation to a registration prohibition order, has the meaning given by subparagraph 921L(1)(c)(i).

Cash Settlement Fact Sheet means a Cash Settlement Fact Sheet required by section 948C to be given in accordance with Division 3A of Part 7.7.

CGS depository interest has the meaning given by section 761A.

CGS depository interest information website has the meaning given by subsection 1020AH(1).

choice product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

claimant intermediary has the meaning given by section 761CAA.

Repeal the definition, substitute:

claims handling and settling service has the meaning given by section 766G.

Insert:

; and (d) in relation to financial products or financial services—has a meaning affected by regulations made for the purposes of section 761CA.

Insert:

class of product advice has the meaning given by section 910A.

clawback requirements has the meaning given by subsection 963BA(3).

clearing and settlement arrangements for transactions effected through a financial market has the meaning given by section 790A.

Repeal the definition, substitute:

clearing and settlement facility:

Insert:

clearing requirements, in relation to derivative transactions, has the meaning given by subsection 901A(7).

client money reporting rules has the meaning given by section 981J.

Code of Ethics means the Code of Ethics in force under section 921E.

compensation arrangements has the meaning given by section 880B.

compensation rules has the meaning given by section 880B.

complaint, in Part 7.8A (design and distribution requirements), has the meaning given by subsection 994A(2).

concurrent wrongdoer, in Division 2A (proportionate liability for misleading and deceptive conduct) of Part 7.10, has the meaning given by subsection 1041L(3).

conflicted remuneration has the meaning given by section 963A, as affected by sections 963AA, 963B, 963C and 963D.

consumer credit insurance has the same meaning as in the Insurance Contracts Act 1984.

contract of insurance, in Division 4 (special provisions relating to insurance) of Part 7.8, has a meaning affected by subsection 985A(1).

core obligation has the meaning given by subsection 912D(3).

CPD provision (short for continuing professional development provision) means:

CPD year (short for continuing professional development year) has the meaning given by section 910A.

crowd-funding service that a person provides has the meaning given by section 766F.

CS facility licensee means a person who holds an Australian CS facility licence.

current LVR:

custodial arrangement, in Subdivision A (volume-based shelf-space fees) of Division 5 of Part 7.7A, has the meaning given by subsection 964(2).

Note: Subsection 964(2) incorporates a modified version of the definition of custodial arrangement in section 1012IA.

custodian, in relation to a registrable superannuation entity, has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

Repeal the definition, substitute:

dealing in a financial product:

and deal in a financial product has corresponding meanings.

Insert:

death benefit decision-maker has the meaning given by section 761A.

Repeal the definition, substitute:

defective:

Insert:

deposit product means a financial product described in paragraph 764A(1)(i).

Repeal the definition, substitute:

derivative (except for the purposes of Chapter 8A) has the meaning given by section 761D.

Insert:

derivative retail client money has the meaning given by section 761A.

derivative trade data has the meaning given by section 761A.

derivative trade repository:

derivative trade repository licensee means a person who holds an Australian derivative trade repository licence.

Repeal the definition, substitute:

derivative trade repository rules means rules made by ASIC under subsection 903A(1).

Insert:

derivative transaction means:

Repeal the definition, substitute:

derivative transaction rules means rules made by ASIC under subsection 901A(1).

Insert:

disclosure document or statement:

Repeal the paragraph, substitute:

Insert:

disqualified individual has the meaning given by section 853A.

distribution condition has the meaning given by paragraph 994B(5)(c).

distribution information, in relation to a financial product, has the meaning given by subsection 994F(3).

Division 3 arrangements has the meaning given by section 880B.

Note: This definition refers to Division 3 (approved compensation arrangements) of Part 7.5.

Division 3 financial products has the meaning given by subsection 1042A(1).

Note 1: This definition refers to .Division 3 (insider trading prohibitions) of Part 7.10

Note 2: In Part 7.10 (market misconduct etc.) bank accepted bills and negotiable certificates of deposit are treated as if they were Division 3 financial products: see section 1040B.

Division 3 loss has the meaning given by section 880B.

Note: This definition refers to Division 3 (approved compensation arrangements) of Part 7.5.

Division 4 arrangements has the meaning given by section 880B.

Note: This definition refers to Division 4 (NGF Compensation regime) of Part 7.5.

education and training standards has the meaning given by section 921B.

employer-sponsor has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

excluded conduct has the meaning given by subsection 994A(1).

execution requirements, in relation to derivative transactions, has the meaning given by subsection 901A(5).

exempt public sector superannuation scheme has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

facility has a meaning affected by section 762C.

fee disclosure statement has the meaning given by subsection 962H(1).

fee recipient has the meaning given by section 962C.

fidelity fund has the meaning given by section 880B.

Repeal the definition, substitute:

financial benchmark:

Insert:

financial investment: see makes a financial investment.

Repeal the definition, substitute:

financial market (except for the purposes of Chapter 8A) has the meaning given by section 767A.

Repeal the definition, substitute:

financial product has the meaning given by Division 3 of Part 7.1 and:

Note: In Part 7.10 (market misconduct etc.) bank accepted bills and negotiable certificates of deposit are treated as if they were financial products: see section 1040B.

Insert:

financial product advice has the meaning given by section 766B.

financial risk: see manages financial risk.

Repeal the definition, substitute:

financial service has the meaning given by Division 4 of Part 7.1.

Repeal the definition, substitute:

Financial Services and Credit Panel means a panel convened under subsection 139(1) of the ASIC Act.

Repeal the definition.

Insert:

Financial Services Guide means a Financial Services Guide required by section 941A or 941B to be given in accordance with Division 2 of Part 7.7.

financial services law has the meaning given by section 761A.

Repeal the definition, substitute:

financial services licensee means a person who holds an Australian financial services licence.

Repeal the definition, substitute:

financial year:

Insert:

foreign exchange contract has the meaning given by section 761A.

Repeal the definition, substitute:

foreign passport fund product means a financial product described in paragraph 764A(1)(bb).

Insert:

foreign qualification has the meaning given by section 910A.

funeral benefit has the meaning given by section 761A.

further market-related advice means advice to which subsection 946B(1) applies.

general advice has the meaning given by subsection 766B(4).

general insurance product means a financial product described in paragraph 764A(1)(d).

Note: See also insurance product and risk insurance product.

generally available in relation to information:

holder:

and hold has corresponding meanings.

information, in Division 3 (insider trading prohibitions) of Part 7.10, has a meaning affected by subsection 1042A(2).

information statement for a class of CGS depository interests has the meaning given by subsection 1020AH(1).

inside information has the meaning given by subsection 1042A(1).

insurance claims manager has the meaning given by section 761DA.

insurance product means a financial product described in paragraph 764A(1)(d), (e) or (f).

Note: See also general insurance product, investment life insurance product, life risk insurance product and risk insurance product.

insure:

investment life insurance product means a financial product described in paragraph 764A(1)(f).

Note: See also insurance product.

issue situation has the meaning given by paragraph 1012B(2)(a).

issue Statement has the meaning given by subsection 1013A(1).

kind, in relation to financial products or financial services, has a meaning affected by regulations made for the purposes of section 761CA.

licensed CS facility means a clearing and settlement facility the operation of which is authorised by an Australian CS facility licence.

licensed derivative trade repository has the meaning given by section 761A.

licensed market means a financial market the operation of which is authorised by an Australian market licence.

life policy has the same meaning as in the Life Insurance Act 1995.

life policy fund has the meaning given by section 761A.

life risk insurance product means a financial product described in paragraph 764A(1)(e).

Note: See also insurance product and risk insurance product.

limit of a margin lending facility has the meaning given by subsection 761EA(11).

limited-service time-sharing adviser has the meaning given by section 910A.

Repeal the definition, substitute:

listing rules of a financial market, or proposed financial market, means any rules (however described) that are made by the operator of the market, or contained in the operator’s constitution, and that deal with:

Insert:

makes a financial investment has the meaning given by section 763B.

makes a market for a financial product has the meaning given by section 766D.

makes non-cash payments has the meaning given by section 763D.

Repeal the definition, substitute:

managed investment product means a financial product described in paragraph 764A(1)(b).

Omit “, or a public sector superannuation scheme, within the meaning of the Superannuation Industry (Supervision) Act 1993”, substitute “or a public sector superannuation scheme”.

Omit “(as defined in section 766F)”.

Insert:

manages financial risk has the meaning given by section 763C.

margin call:

margin lending facility has the meaning given by subsection 761EA(1).

market, in relation to an Australian market licence, has a meaning affected by section 795E.

Note: See also makes a market.

Repeal the definition, substitute:

market integrity rules means the rules made by ASIC under section 798G.

Insert:

market licensee means a person who holds an Australian market licence.

material effect, for the purposes of Division 3 (insider trading prohibitions) of Part 7.10, has the meaning given by section 1042D.

MySuper product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

NGF means the National Guarantee Fund that continues in existence under section 889A.

non-cash payments: see makes non-cash payments.

non-standard margin lending facility has the meaning given by subsection 761EA(5).

ongoing fee has the meaning given by section 962B.

ongoing fee arrangement has the meaning given by section 962A.

Repeal the definition, substitute:

operated in this jurisdiction:

Repeal the definition, substitute:

operating rules:

but does not include any such rules that deal with matters in respect of which licensed CS facilities must have written procedures under regulations made for the purposes of subsection 822A(2); and

but does not include:

Insert:

Part 7.5 authority has the meaning given by section 892A.

Part 7.5 regulated fund has the meaning given by section 892A.

pension has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

Insert:

personal advice has the meaning given by subsections 766B(3) and (3A).

policy cost for a life risk insurance product, or life risk insurance products, for a year has the meaning given by subsections 963B(3B) and (3C).

pooled superannuation trust has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

prescribed CS facility means a licensed CS facility that is prescribed by regulations made for the purposes of this definition.

Repeal the definition, substitute:

prescribed derivative trade repository means a facility that is (or that is in a class that is) prescribed by the regulations for the purposes of paragraph 901A(6)(b).

Repeal the definition, substitute:

procure for the purposes of Division 3 (insider trading prohibitions) of Part 7.10 has a meaning affected by section 1042F.

Repeal the definition, substitute:

Product Disclosure Statement:

Insert:

product intervention order means an order made under subsection 1023D(1) or (3).

Omit “(within the meaning of the Superannuation Industry (Supervision) Act 1993)”.

Omit “within the meaning of the Superannuation Industry (Supervision) Act 1993”.

Insert:

prohibition end day, in relation to a registration prohibition order, has the meaning given by subparagraph 921L(1)(c)(ii).

Repeal the definition, substitute:

proposed action notice has the meaning given by subsection 921P(1).

Insert:

provide:

provisional relevant provider means a relevant provider who is undertaking work and training in accordance with subsection 921B(4).

public sector superannuation scheme has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

purchase of a financial product, for the purposes of Part 7.8A (design and distribution requirements) and Part 7.9 (financial product disclosure), has the meaning given by subsection 1010C(1).

Note: Section 1010C applies for the purposes of Part 7.8A: see subsection 994A(3).

qualified tax relevant provider has the meaning given by section 910A.

reasonable investigation into financial products has a meaning affected by section 961D.

reasonably apparent:

recent advising history has the meaning given by section 922G.

recommendation situation has the meaning given by paragraph 1012A(2)(a).

Reference Checking and Information Sharing Protocol means the protocol determined by ASIC under subsection 912A(3A).

registered tax agent or BAS agent has the same meaning as in the Tax Agent Services Act 2009.

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

registration prohibition order has the meaning given by paragraph 921L(1)(c).

registration suspension order has the meaning given by paragraph 921L(1)(b).

regulated person:

regulated sale means a sale:

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

relevant conduct:

relevant Division 3 financial products has the meaning given by subsection 1042A(1).

Note: This definition refers to .Division 3 (insider trading prohibitions) of Part 7.10

relevant financial products has the meaning given by section 910A.

relevant personal circumstances has the meaning given by section 761A.

relevant provider has the meaning given by section 910A.

renewal period for an anniversary day for an ongoing fee arrangement has the meaning given by section 962L.

Repeal the definition, substitute:

Replacement Product Disclosure Statement has the meaning given by section 1014H.

Insert:

reportable situation has the meaning given by section 912D.

reporting period, in Part 7.8A (design and distribution requirements), has the meaning given by subsection 994A(2).

reporting requirements, in relation to derivative transactions, has the meaning given by subsection 901A(6).

representative of a person means:

Repeal the definition, substitute:

response period for a proposed action notice has the meaning given by paragraph 921P(2)(b).

Insert:

responsible licensee, in relation to a contravention of a provision of Part 7.7A, has the meaning given by section 961P.

responsible person for a Product Disclosure Statement has the meaning given by subsection 1013A(3).

Repeal the definition, substitute:

restricted civil penalty provision has the meaning given by subsection 921Q(3).

Repeal the definition, substitute:

retail client:

Insert:

retail product distribution conduct has the meaning given by subsection 994A(1).

review period for a target market determination has the meaning given by subsection 994A(1).

review triggers for a target market determination has the meaning given by paragraph 994B(5)(d).

risk insurance product means a financial product described in paragraph 764A(1)(d) or (e).

Note: See also general insurance product, insurance product and life risk insurance product.

RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

Note: RSA is short for retirement savings account.

RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997.

Note: RSA is short for retirement savings account.

Add:

Note: RSE is short for registrable superannuation entity.

Insert:

sale:

Note: Section 1010C applies for the purposes of Part 7.8A: see subsection 994A(3).

sale situation has the meaning given by paragraph 1012C(2)(a).

sale Statement has the meaning given by subsection 1013A(2).

section 1020B products has the meaning given by subsection 1020B(1).

securities lending arrangement (except for the purposes of Chapter 8A) has the meaning given by section 1020AA.

SEGC (short for Securities Exchanges Guarantee Corporation) has the meaning given by section 880B.

self managed superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

sinking fund policy has the same meaning as in the Life Insurance Act 1995.

standard employer-sponsor has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

standard employer-sponsored fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

standard employer-sponsored member has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

standard margin lending facility has the meaning given by subsection 761EA(2).

Statement of Advice means a Statement of Advice required by section 946A to be given in accordance with Subdivisions C and D of Division 3 of Part 7.7.

superannuation complaint has the meaning given by subsections 1053(3) and (4).

superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

superannuation product means a superannuation interest within the meaning of the Superannuation Industry (Supervision) Act 1993.

superannuation provider means a person who is a superannuation provider within the meaning of:

superannuation trustee service that a person provides has the meaning given by section 766H.

supervisor of a provisional relevant provider has the meaning given by subsection 921F(2).

Supplementary Financial Services Guide has the meaning given by section 943A.

Repeal the definition, substitute:

Supplementary Product Disclosure Statement has the meaning given by section 1014A.

Insert:

suspension period, in relation to a registration suspension order, has the meaning given by paragraph 921L(1)(b).

target market for a financial product means the class of retail clients described in the target market determination for the product under paragraph 994B(5)(b).

target market determination means a determination that:

tax (financial) advice service has the same meaning as in the Tax Agent Services Act 2009.

Tax Practitioners Board means the Tax Practitioners Board established by section 60-5 of the Tax Agent Services Act 2009.

title document for a financial product has the meaning given by section 761A.

transfer of a financial product, in Divisions 3 (transfer of certain securities) and 4 (transfer of certain financial products) of Part 7.11, has the meaning given by section 1073B.

trustee:

unsolicited contact has the meaning given by subsection 992A(4).

volume-based shelf-space fee has a meaning affected by section 964A.

wholesale client has the meaning given by section 761G.

widely held market body has the meaning given by section 850A.

within authority, in Division 6 (liability of financial services licensees for representatives) of Part 7.6, has a meaning given by subsections 917A(2) and (3).

Omit “(within the meaning of section 761A)”.

Omit “(as defined in Chapter 7)”.

Omit “(within the meaning of section 768A)”.

Omit “(as defined in Chapter 7)”.

Omit “(within the meaning of section 768A)”.

Omit “, within the meaning of Chapter 7,”.

Omit “(within the meaning of the Superannuation Industry (Supervision) Act 1993)”.

Omit “(within the meaning of Chapter 7)”.

Omit “(within the meaning of section 1012B)”.

Repeal the heading, substitute:

Omit “generally available”, substitute “generally available”.

Omit “(within the meaning of Chapter 7)”.

Repeal the note.

Omit “Note 2”, substitute “Note”.

Omit “for the purposes of Chapter 7”.

Repeal the item, substitute:

Repeal the heading, substitute:

Repeal the sections, substitute:

In this Act:

AFCA (short for the Australian Financial Complaints Authority) means the operator of the AFCA scheme.

AFCA regulated superannuation scheme means:

AFCA scheme means the external dispute resolution scheme for which an authorisation under Part 7.10A is in force.

AFCA staff member means:

annuity policy means a life policy in relation to an annuity that is declared to be a superannuation policy under regulations made for the purposes of paragraph (b) of the definition of superannuation policy in the Schedule to the Life Insurance Act 1995.

authorised clearing and settlement facility means:

binder means an authorisation given to a person by a financial services licensee who is an insurer to do either or both of the following:

but does not include an authorisation of a kind referred to in paragraph (a) that is limited to effecting contracts of insurance by way of interim cover unless there is also in existence an authority given by the insurer to the person to enter into, on behalf of the insurer and otherwise than by way of interim cover, contracts of insurance.

CGS depository interest means a depository interest (within the meaning of the Commonwealth Inscribed Stock Act 1911) that can be transferred through a licensed CS facility.

death benefit decision-maker means any of the following persons:

derivative retail client money: money paid as mentioned in subsection 981A(1) is derivative retail client money if:

derivative trade data means:

financial services law means:

foreign exchange contract means a contract:

funeral benefit:

insurer, in relation to a superannuation complaint, means the life company (within the meaning of the Life Insurance Act 1995) that is a party to the policy to which the complaint relates.

licensed derivative trade repository means a derivative trade repository the operation of which is authorised by an Australian derivative trade repository licence.

life policy fund means a regulated superannuation fund, or an AFCA regulated superannuation scheme, for the purpose of which the trustee maintains, in relation to at least some of the members of the fund:

relevant personal circumstances, in relation to advice provided or to be provided to a person in relation to a matter, are such of the person’s objectives, financial situation and needs as would reasonably be considered to be relevant to the advice.

sale, in relation to an annuity policy, includes any activity undertaken, or representation made:

title document for a financial product means a certificate or other document evidencing ownership of the financial product.

the arrangements are to be treated as if they together constituted a single arrangement.

Repeal the section.

Omit “this Chapter”, substitute “this Act”.

Omit “For the purposes of this Chapter, subject”, substitute “Subject”.

Omit “for the purposes of this section is a derivative for the purposes of this Chapter”, substitute “is a derivative”.

Omit “the following are not derivatives for the purposes of this Chapter even if they are covered by the definition in subsection (1)”, substitute “none of the following is a derivative even if covered by subsection (1)”.

Omit “for the purposes of this Chapter”.

Omit “is not a derivative for the purposes of this Chapter”, substitute “is not a derivative”.

Repeal the heading, substitute:

Omit “RSA product”, substitute “RSA”.

Omit “for the purposes of this Chapter”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “, for the purposes of this Chapter,”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “For the purposes of this Chapter, if”, substitute “If”.

Omit “this Chapter”, substitute “this Act”.

Omit “RSA product”, substitute “RSA”.

Omit “(within the meaning of the Superannuation Industry (Supervision) Act 1993)”.

Omit “RSA product”, substitute “RSA”.

Omit “(within the meaning of the Superannuation Industry (Supervision) Act 1993)”.

Omit “(within the meaning of the Retirement Savings Accounts Act 1997)”.

Omit “RSA product”, substitute “RSA”.

Omit “For the purpose of this Chapter, if”, substitute “If”.

Omit “For the purposes of this Chapter, if”, substitute “If”.

Omit “RSA product”, substitute “RSA”.

Omit “(as defined in section 9)”.

Omit “RSA product”, substitute “RSA”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “RSA product”, substitute “RSA”.

Omit “this Chapter”, substitute “this Act”.

Omit “this Division”, substitute “this Act”.

Omit “—see section 761B”, substitute “: see subsection 761B(2)”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Repeal the paragraphs, substitute:

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “For the purposes of this Chapter, the”, substitute “The”.

Omit “financial products for the purposes of this Chapter”, substitute “financial products”.

Omit “within the meaning of the Life Insurance Act 1995,”.

Repeal the paragraph, substitute:

Repeal the paragraph, substitute:

Omit “for the purposes of this Chapter”.

Omit “this Chapter”, substitute “this Act”.

Omit “for the purposes of this Chapter”.

Omit “(see section 763D)”.

Omit “(see section 763D)”.

Omit “within the meaning of the Life Insurance Act 1995,”.

Omit “for the purposes of this Chapter”.

Omit “For the purposes of this Chapter, subject”, substitute “Subject”.

Repeal the paragraphs, substitute:

Repeal the paragraphs, substitute:

Omit “For the purposes of this Chapter, financial product advice”, substitute “Financial product advice”.

Omit “For the purposes of this Chapter, personal advice”, substitute “Personal advice”.

Omit “(as defined in subsection 994A(1))”.

Omit “For the purposes of this Chapter, general advice”, substitute “General advice”.

Omit “For the purposes of this Chapter,”, substitute “The”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Repeal the paragraph, substitute:

by the trustees of that fund, scheme or trust;

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “for the purposes of this Chapter”.

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “for the purposes of this Chapter”.

Omit “(see section 763D)”.

Repeal the section, substitute:

Clearing and settlement arrangements for a transaction effected through a financial market are arrangements for the clearing and settlement of those transactions. The arrangements may be part of the market’s operating rules or be separate from those operating rules.

Repeal the heading, substitute:

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “operated in this jurisdiction”, substitute “operated in this jurisdiction”.

Omit “for the purposes of this Chapter”.

After “lodge with ASIC”, insert “in a prescribed form”.

After “lodging with ASIC”, insert “in a prescribed form”.

Omit “in this Chapter”.

After “lodges with ASIC”, insert “in a prescribed form”.

After “lodges with ASIC”, insert “in a prescribed form”.

Repeal the heading, substitute:

Omit “For the purposes of this Chapter, a”, substitute “A”.

Omit “operated in this jurisdiction”, substitute “operated in this jurisdiction”.

Omit “for the purposes of this Chapter”.

After “lodge with ASIC”, insert “in a prescribed form”.

After “lodging with ASIC”, insert “in a prescribed form”.

Omit “in this Chapter”.

After “lodges with ASIC”, insert “in a prescribed form”.

After “lodges with ASIC”, insert “in a prescribed form”.

Repeal the section, substitute:

A widely held market body is a body corporate that:

Omit “For the purposes of this Division, an”, substitute “An”.

Repeal the heading, substitute:

After “lodged with ASIC”, insert “in a prescribed form”.

Omit “section 850A”, substitute “paragraph 850A(b)”.

Omit “section 850A”, substitute “paragraph 850A(b)”.

Repeal the heading, substitute:

Omit “For the purposes of this Division, an individual is disqualified”, substitute “An individual is a disqualified individual”.

Repeal the heading, substitute:

Omit “For the purposes of this Division, an individual is involved in”, substitute “An individual is involved in”.

Omit “disqualified”, substitute “disqualified”.

Omit “is disqualified”, substitute “is a disqualified individual”.

Repeal the section, substitute:

In this Act:

compensation arrangements means arrangements that consist of:

Note: In Subdivision D (approved compensation arrangements) of Division 3 of Part 7.5, see also section 885A.

compensation rules means the set of rules forming part of compensation arrangements.

Note: In Subdivision D (approved compensation arrangements) of Division 3 of Part 7.5, see also section 885A.

Division 3 arrangements means compensation arrangements approved under Division 3 (approved compensation arrangements) of Part 7.5.

Division 3 loss means a loss described in section 885C, other than a loss that section 885D provides is to be taken not to be a Division 3 loss.

Division 4 arrangements means the arrangements constituted by Division 4 (NGF Compensation regime) of Part 7.5.

fidelity fund, in relation to a financial market, means a fund consisting principally of contributions made by:

the purpose, or the main purpose, of which is to provide a source of funds for the payment or provision of compensation to clients of participants. Any investments made using money in the fund are taken to form part of the fund.

SEGC (short for Securities Exchanges Guarantee Corporation) means the body corporate in relation to which a nomination as the Securities Exchanges Guarantee Corporation is in force under section 890A.

After “lodging the application with ASIC”, insert “in a prescribed form”.

Omit “(as defined in section 790A)”.

After “pay compensation”, insert “or provide compensation”.

After “lodge with ASIC”, insert “in a prescribed form”.

After “lodged with ASIC”, insert “in a prescribed form”.

After “lodging the application with ASIC”, insert “in a prescribed form”.

Omit “arrangements”, substitute “arrangements”.

Omit “compensation rules”, substitute “compensation rules”.

After “paying compensation”, insert “, or providing compensation in a form other than money,”.

After “amount of compensation to be paid”, insert “, or the value of compensation to be provided in a form other than money”.

Repeal the subsection.

After “to be paid”, insert “or provided”.

After “for compensation”, insert “(including interest referred to in subsection 885E(5))”.

Omit “Securities Exchanges Guarantee Corporation”, substitute “Securities Exchanges Guarantee Corporation (the SEGC)”.

After “lodge with ASIC”, insert “in a prescribed form”.

After “lodged with ASIC”, insert “in a prescribed form”.

Repeal the section, substitute:

In this Act:

Part 7.5 authority:

Part 7.5 regulated fund means:

Omit “regulated funds”, substitute “Part 7.5 regulated funds”.

Omit “relevant authority”, substitute “Part 7.5 authority”.

Omit “regulated fund”, substitute “Part 7.5 regulated fund”.

Omit “relevant authority”, substitute “Part 7.5 authority”.

Repeal the section, substitute:

Omit “relevant authority”, substitute “Part 7.5 authority”.

Omit “relevant authority in relation to Part 7.5 arrangements”, substitute “Part 7.5 authority in relation to Division 3 arrangements or Division 4 arrangements”.

Omit “the relevant authority” (wherever occurring), substitute “the Part 7.5 authority”.

Omit “relevant authority”, substitute “Part 7.5 authority”.

Omit “the Part 7.5 arrangements”, substitute “the Division 3 arrangements or Division 4 arrangements”.

Omit “the relevant authority” (wherever occurring), substitute “the Part 7.5 authority”.

Omit “Relevant authority’s”, substitute “Part 7.5 authority’s”.

Omit “Part 7.5 arrangements, the relevant authority”, substitute “Division 3 arrangements or Division 4 arrangements, the Part 7.5 authority”.

Omit “relevant authority”, substitute “Part 7.5 authority”.

Omit “compensation funds”, substitute “Part 7.5 regulated funds”.

Omit “regulated fund”, substitute “Part 7.5 regulated fund”.

Repeal the section, substitute:

and must retain the financial records for 7 years after the transactions covered by the records are completed.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Repeal the section, substitute:

The regulations may impose reporting requirements to be complied with by the Part 7.5 authority in relation to Division 3 arrangements in relation to situations in which compensation under the arrangements is provided otherwise than out of a Part 7.5 regulated fund.

Omit “For the purpose of this Chapter, execution”, substitute “Execution”.

Omit “For the purpose of this Chapter, reporting”, substitute “Reporting”.

Omit “For the purpose of this Chapter, clearing”, substitute “Clearing”.

Omit “in this Chapter”.

Omit “that is in a form approved by ASIC in writing”, substitute “in a prescribed form”.

After “lodge with ASIC”, insert “in a prescribed form”.

Omit “in this Chapter”.

Repeal the paragraph, substitute:

Repeal the paragraph, substitute:

Repeal the paragraph, substitute:

Repeal the section, substitute:

In this Act:

body corporate licensee means a body corporate that:

class of product advice means financial product advice about a class of products, but does not include a recommendation about a specific product in the class.

CPD year (short for continuing professional development year): a financial services licensee’s CPD year is the 12-month period beginning on the day of the year included in the most recent notice given by the licensee under section 922HA.

foreign qualification means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.

limited-service time-sharing adviser: a person is a limited-service time-sharing adviser if:

qualified tax relevant provider: a person is a qualified tax relevant provider if:

relevant financial products means financial products other than:

relevant provider: a person is a relevant provider if the person:

Omit “An insurance fulfilment provider who:”, substitute:

A person who:

Repeal the paragraph, substitute:

Repeal the subparagraph, substitute:

Omit “(see section 763D)”.

Omit “For the purposes of this Chapter, a financial services business is taken to be carried on in this jurisdiction”, substitute “A financial services business is taken to be carried on in this jurisdiction”.

Omit “carried on in this jurisdiction for the purposes of this Chapter”, substitute “carried on in this jurisdiction”.

Omit “insurance fulfilment providers”, substitute “persons who carry on a business of providing goods or services to persons insured under insurance products in satisfaction of the liability of the insurers under those products”.

Repeal the paragraph, substitute:

Repeal the subsection.

Omit “Compensation arrangements”, substitute “Arrangements for compensation”.

Add:

Meaning of knowledge and recklessness

knowledge has the meaning given by section 5.3 of the Criminal Code.

recklessness has the meaning given by section 5.4 of the Criminal Code.

Add:

Meaning of knowledge and recklessness

knowledge has the meaning given by section 5.3 of the Criminal Code.

recklessness has the meaning given by section 5.4 of the Criminal Code.

Add:

Meaning of knowledge and recklessness

knowledge has the meaning given by section 5.3 of the Criminal Code.

recklessness has the meaning given by section 5.4 of the Criminal Code.

Add:

Meaning of knowledge and recklessness

knowledge has the meaning given by section 5.3 of the Criminal Code.

recklessness has the meaning given by section 5.4 of the Criminal Code.

After “lodging an application with ASIC”, insert “in a prescribed form”.

After “lodge with ASIC”, insert “in a prescribed form”.

After “lodges with ASIC”, insert “in a prescribed form”.

After “lodge with ASIC”, insert “in a prescribed form”.

After “lodges with ASIC”, insert “in a prescribed form”.

After “lodges with ASIC”, insert “in a prescribed form”.

After “lodge with ASIC”, insert “in a prescribed form”.

Omit “or a person with responsibilities in relation to an Australian passport fund”, substitute “or a person (other than a regulator) who has functions or duties in relation to an Australian passport fund under the Passport Rules for this jurisdiction”.

Repeal the subsection.

After “lodge with ASIC”, insert “in a prescribed form”.

Omit “within authority”, substitute “within authority”.

Omit “within authority”, substitute “within authority”.

After “lodges with ASIC”, insert “in a prescribed form”.

Omit “section 910A”, substitute “section 9”.

Repeal the subsection, substitute:

Omit “notice provision”, substitute “provision referred to in subsection 922L(1)”.

Repeal the note.

Omit “compensation arrangements”, substitute “arrangements for compensation”.

Omit “compensation arrangements”, substitute “arrangements for compensation”.

Omit “(see section 766C)”.

Omit “(see section 766C)”.

Omit “(see section 766B)”.

Omit “(see section 763D)”.

Omit “RSA product”, substitute “RSA”.

Omit “(see section 763D)”.

After “regulated superannuation fund”, insert “, or by an AFCA regulated superannuation scheme,”.

Repeal the subsection.

Repeal the heading substitute:

Repeal the heading substitute:

Repeal the section.

Omit “Something”, substitute “For the purposes of this Division, something”.

Omit “(see section 763D)”.

Omit “For the purposes of this Part, the”, substitute “The”.

Repeal the subparagraph, substitute:

Omit “in section 963BA”.

Repeal the subsections, substitute:

Note: Superannuation guarantee surcharge may be imposed on an employer if the employer does not make contributions to a superannuation fund for the benefit of its employees. If an employee does not notify the employer of the employee’s chosen fund, the employer is still able to satisfy its obligations by making contributions to certain funds: see the Superannuation Guarantee (Administration) Act 1992.

Repeal the heading, substitute:

Omit “Something”, substitute “For the purposes of this Division, something”.

Repeal the Division.

Repeal the subsection, substitute:

then subsection (2) only applies to an obligation if:

Repeal the heading.

Omit “(within the meaning of the Life Insurance Act 1995)”.

Repeal the section.

After “with ASIC”, insert “in a prescribed form”.

After “with ASIC”, insert “in a prescribed form”.

Repeal the section, substitute:

excluded conduct means:

retail product distribution conduct, in relation to a financial product, means any of the following:

review period for a target market determination means each of the following:

complaint, in relation to a financial product, means a complaint made to a regulated person about the product, which is covered by a dispute resolution system complying with subsection 912A(2).

dealing in a financial product has the meaning given by section 766C, subject to the following:

regulated person, in relation to a financial product, means:

reporting period means:

Repeal the subsection, substitute:

Note: Whether a target market determination is required to be made in relation to financial products covered by this extended definition is determined under section 994B, including any regulations made for the purposes of paragraph 994B(3)(f).

Repeal the paragraph, substitute:

Insert:

Omit “(except an excluded dealing)”, substitute “(except a dealing of a kind referred to in paragraph (a) of the definition of excluded conduct in subsection 994A(1))”.

Repeal the section.

Add:

Repeal the heading, substitute:

Omit “offering”, substitute “offer”.

Omit “inviting”, substitute “invite”.

Omit “offering”, substitute “offer”.

Omit “inviting”, substitute “invite”.

Repeal the section, substitute:

In this Division, a regulated person, in relation to a financial product, is:

Omit “this Division”, substitute “this Act”.

Omit “this Division”, substitute “this Act”.

Omit “this Division”, substitute “this Act”.

Omit “(see section 763D)”.

Omit “RSA products”, substitute “RSAs”.

Omit “RSA product” (wherever occurring), substitute “RSA”.

Omit “in this Division referred to as”.

Omit “, in this Division, referred to as”.

After “lodged with ASIC”, insert “in a prescribed form”.

Repeal the paragraph, substitute:

Repeal the following definitions:

Omit “RSA product”, substitute “RSA”.

Repeal the definition.

Repeal the following definitions:

Repeal the following definitions:

Omit “(within the meaning of the Superannuation Industry (Supervision) Act 1993)”.

Omit “RSA products”, substitute “RSAs”.

Omit “RSA product”, substitute “RSA”.

Omit “RSA product”, substitute “RSA”.

Omit “RSA product” (wherever occurring), substitute “RSA”.

Omit “RSA product”, substitute “RSA”.

Omit “RSA product” (wherever occurring), substitute “RSA”.

Omit “RSA product”, substitute “RSA”.

Repeal the paragraph, substitute:

Repeal the subparagraph, substitute:

Omit “RSA product”, substitute “RSA”.

Repeal the subsection.

Repeal the subparagraph, substitute:

Repeal the section.

Omit “(this date is the date of offer)”.

Repeal the section, substitute:

Example: A request that the sale be made is passed from the person to the financial services licensee through a chain of intermediaries.

A securities lending arrangement is an arrangement under which:

Repeal the section, substitute:

CGS depository interest information website means a website that is prescribed by the regulations for the purposes of this definition.

information statement for a class of CGS depository interests means a document that:

regulated person, in relation to a CGS depository interest, means: