Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7 - FINANCIAL SERVICE DISCLOSURE  

Division 3 - Statement of Advice  

REGULATION 7.7.11   STATEMENT OF ADVICE GIVEN BY FINANCIAL SERVICES LICENSEE  

7.7.11(1)   [ Information about remuneration]  

For paragraph 947B(2) (g) of the Act, a Statement of Advice given by a financial services licensee must include information about all remuneration (including commission) and other benefits that a person ( person 1 ) has received, or is to receive, for referring another person to the financial services licensee.

7.7.11(2)   [ Exception]  

For paragraph 947B(2) (h) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 947B(2) (d) or subparagraph 947B(2)(e)(i) as an amount in dollars, the information may be set out as a description of the amount as a percentage of a specified matter (including worked dollar examples, unless that is inappropriate).

7.7.11(3)   [ Method of calculation]  

For paragraph 947B(2) (h) of the Act, if ASIC determines that, for a compelling reason, it is not possible to state information to be disclosed in accordance with paragraph 947B(2) (d) or subparagraph 947B(2)(e)(i) as an amount in dollars, or to describe the amount as a percentage, the information may be set out as a description of the method of calculating the remuneration, benefits or interests (including worked dollar examples, unless that is inappropriate).

7.7.11(4)   [ Publication]  

A determination under subregulation (2) or (3) must be:

(a) in writing; and

(b) published in the Gazette .

7.7.11(5)   [ Presentation of statement]  

The statements and descriptions must be presented in a manner that is easy for the client to understand.