Section 1527 — Corporations Act 2001: Application of best interests obligations

(1) The following apply in relation to the provision of personal advice to a person as a retail client on or after the application day (whether or not the advice was sought before that day): (a) Division 2 of Part 7.7A, as inserted by item 23 of Schedule 1 to the amending Act; (b) the amendments made by items 6, 7, 8, 9 and 34 of Schedule 1 to the amending Act. (2) In this section: application day, in relation to a financial services licensee or a person acting as a representative of a financial services licensee, means: (a) if the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions imposed under Part 7.7A are to apply to the licensee and persons acting as representatives of the licensee on and from the day specified in the notice—the day specified in the notice; or (b) if the person has not lodged such a notice—1 July 2013.