Treasury Legislation Amendment (Professional Standards) Act 2004 (Cth)

Treasury Legislation Amendment (Professional Standards) Act 2004

No. 118, 2004

An Act to limit certain liabilities in accordance with laws of the States and Territories, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Limitation of liabilities Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Trade Practices Act 1974

Treasury Legislation Amendment (Professional Standards) Act 2004

No. 118, 2004

An Act to limit certain liabilities in accordance with laws of the States and Territories, and for related purposes

[Assented to 13 July 2004]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Treasury Legislation Amendment (Professional Standards) Act 2004.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Limitation of liabilities

Australian Securities and Investments Commission Act 2001

1A After subsection 12ED(2) Insert:

(2A) If: (a) there is a breach of an implied warranty that exists because of this section in a contract made after the commencement of this subsection; and (b) the law of a State or Territory is the proper law of the contract; the law of the State or Territory applies to limit or preclude liability for the breach, and recovery of that liability (if any), in the same way as it applies to limit or preclude liability, and recovery of a liability, for breach of another term of the contract.

1 After subsection 12GF(1) Insert:

(1A) Subsection (1) has effect subject to section 12GNA.

Note: Section 12GNA may limit the amount that the person may recover for a contravention of section 12DA (Misleading or deceptive conduct) from the other person or from another person involved in the contravention.