ASIC provides regulatory guidance in relation to reforms to the Corporations Act 2001.
In June 2012, reforms were introduced into the Corporations Act 2001 by the Corporations Amendment (Future of Financial Advice) Act 2012 and Corporations Amendment (Further Future of Financial Advice Measures) Act 2012.
In March 2014, changes were introduced in the Corporations Amendment(Streamlining of Future Financial Advice) Bill 2014. Most of these changes were implemented through the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014.
In March 2016, the Corporations Amendment (Financial Advice Measures) Act 2016 was passed. The amendments included extending the time period for giving opt-in notices and fee disclosure statements – from 30 days to 60 days after the relevant date.
For more information about these reforms, see Future of Financial Advice (FOFA) reforms.
Professional standards reforms
In March 2017, reforms were introduced into the Corporations Act 2001 by the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 to raise the education, training and ethical standards of financial advisers.
For more information about these reforms, see Professional standards for financial advisers.