Commonwealth Consolidated Acts

FIRST HOME SAVER ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 2008 - SCHEDULE 2

Australian Securities and Investments Commission Act 2001

1   At the end of subsection 12A(1)

Add:

  ; (h)   the First Home Saver Accounts Act 2008 .

2   After paragraph 12BAA(7)(g)

Insert:

  (ga)   an FHSA (first home saver account) within the meaning of the First Home Saver Accounts Act 2008 ;

Corporations Act 2001

3   Section   9

Insert:

"FHSA product" when used in a provision outside Chapter   7, has the same meaning as it has in Chapter   7.

4   Section   9 (after paragraph   ( h) of the definition of managed investment scheme )

Insert:

  (ha)   an FHSA trust, within the meaning of the First Home Saver Accounts Act 2008 ;

5   Section   761A (after paragraph   ( d) of the definition of basic deposit product )

Insert:

  (da)   the facility is not an FHSA product; and

6   Section   761A

Insert:

"FHSA product" means an FHSA (within the meaning of the First Home Saver Accounts Act 2008 ).

7   Subsection 761E(3) (after item   2 of the table)

Insert:

8   After paragraph 761E(3A)(b)

Insert:

  (ba)   the client making a further contribution (within the meaning of the First Home Saver Accounts Act 2008 ) into an FHSA product maintained in the client's name;

9   After paragraph 764A(1)(h)

Insert:

  (ha)   an FHSA (short for first home saver account) within the meaning of the First Home Saver Accounts Act 2008 ;

10   After paragraph 766E(3)(ca)

Insert:

  (cb)   the operation of an FHSA trust (within the meaning of the First Home Saver Accounts Act 2008 ) by an FHSA provider (within the meaning of that Act);

11   After subsection 946AA(1)

Insert:

  (1A)   The providing entity does not have to give the client a Statement of Advice as mentioned in subsection   ( 1) if:

  (a)   the advice relates to an FHSA product; and

  (b)   both subparagraphs   ( 1)(a)(i) and (ii) apply.

12   Subsection 1016A(1) (after paragraph   ( d) of the definition of relevant financial product )

Insert:

  (da)   an FHSA product; or

13   After subparagraph 1017D(1)(b)(iii)

Insert:

  (iiia)   an FHSA product; or

14   After subparagraph 1019A(1)(a)(iii)

Insert:

  (iiia)   FHSA products;