The critical role that commercial regulation plays in wealth management and financial planning is the promotion of confident and informed participation by investors and consumers in the financial system. In 2019, the following two legislative amendments were introduced:

1. Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 (Cth)
2. Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (Cth).

Addressing each of the two (2) legislative amendments above in turn, answer the following questions:

• (a) Provide a summary of the amendment, including its purpose, referring to any other Acts that are impacted by the amendment. Include in your answer the origin of the amendment. (What behaviours is the amendment attempting to eliminate?)
• (b) How have these amendments impacted the way ASIC operates?
• (c) Explain the impact for individual authorised representatives and AFS licence holders of the implementation of the change to the law.
• (d) Explain how the amendment will impact the provision of personal financial advice to retail clients.