Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7 - FINANCIAL SERVICE DISCLOSURE  

Division 2 - Financial Services Guide  

REGULATION 7.7.07A   FINANCIAL SERVICES GUIDE GIVEN BY AUTHORISED REPRESENTATIVE: MORE DETAILED INFORMATION ABOUT REMUNERATION ETC  

7.7.07A(1)    
For subsection 942C(7) of the Act, if:

(a)    

the remuneration (including commission) or other benefits that a person mentioned in paragraph 942C(2)(f) or person 1 in subregulation 7.7.07(1) has received, or is to receive, are not able to be ascertained at the time the Financial Services Guide is given to the client or the website disclosure information is made available; and

(b)    the providing entity reasonably believes that personal advice will not be given to the client; and

(c)    

the Financial Services Guide or the website disclosure information does not contain particulars of the remuneration (including commission) or other benefits;

the client may request, from the authorised representative, particulars of the remuneration (including commission) or other benefits.

7.7.07A(2)    

A request under subregulation (1) must be made:

(a)    if the providing entity makes website disclosure information available in accordance with Division 2A of Part 7.7 of the Act - before any financial service identified in the website disclosure information is provided to the client; or

(b)    otherwise - within a reasonable time after the client is given the Financial Services Guide and before any financial service identified in the Guide is provided to the client.

7.7.07A(3)    
For subregulation (1) , the particulars must, to the extent relevant, include a statement of the range of amounts or rates of remuneration (including commission) or other benefits.

Examples

1. Remuneration is paid within the range of $X to $Y.

2. Commission is paid at rates between X% and Y%.

7.7.07A(4)    
The particulars mentioned in subregulation (3) must be presented in a manner that is easy for the client to understand.