Corporations Amendment Regulations 2004 (No. 2) (25 of 2004)

Schedule 1   Amendments

[8]   Regulation 7.7.05B

substitute

7.7.05B Personalised Financial Services Guide

(1) This regulation applies if a body corporate:

(a) is:

(i) a financial services licensee; or

(ii) an authorised representative of a financial services licensee; and

(b) authorises an individual to provide financial services on behalf of the licensee.

(2) For paragraph 942C (4) (b) of the Act, the Financial Services Guide in relation to a financial service does not have to include the information in paragraph 942C (2) (a) of the Act, in respect of the individual, if:

(a) the financial service is dealing in a financial product or the provision of general advice or both; and

(b) the individual provides the financial service in accordance with the authorisation; and

(c) the licensee has reasonable grounds to believe that the identity or remuneration of the individual would not be material to a decision by a retail client whether or not to obtain the financial service; and

(d) the Financial Services Guide includes:

(i) the contact details and licence number of the licensee; and

(ii) a statement setting out, in general terms, the individual's role and capacity in providing the financial service.

(3) For paragraph 942C (4) (b) of the Act, the Financial Service Guide in relation to a financial service does not have to include the information in paragraph 942C (2) (a) of the Act, in respect of a body corporate that is an authorised representative, if:

(a) the financial service is dealing in a financial product or the provision of general advice or both; and

(b) the body corporate authorised representative provides the financial service in accordance with the authorisation; and

(c) the licensee has reasonable grounds to believe that the identity or remuneration of the body corporate authorised representative would not be material to a decision by a retail client whether or not to obtain the financial service; and

(d) the Financial Services Guide includes:

(i) the contact details and licence number of the licensee; and

(ii) a statement setting out, in general terms, the body corporate authorised representative's role and capacity in providing the financial service.

Note The Financial Services Guide will contain all information otherwise required by section 942C of the Act.

7.7.05C Exemption from providing certain information in a Financial Services Guide

(1) For paragraph 942B (4) (b) of the Act, for a Financial Services Guide:

(a) information is not required by paragraph 942B (2) (c) of the Act about a financial service to which subsection 941C (6) of the Act applies; and

(b) information is not required by paragraph 942B (2) (e) of the Act in relation to remuneration (including commission) or other benefits that are received only in respect of, or that are only attributable to, a financial service to which subsection 941C (6) of the Act applies.

(2) For paragraph 942C (4) (b) of the Act, for a Financial Services Guide:

(a) information is not required by paragraph 942C (2) (d) of the Act, about a financial service to which subsection 941C (6) of the Act applies; and

(b) information is not required by paragraph 942C (2) (f) of the Act, in relation to remuneration (including commission) or other benefits that are received only in respect of, or that are only attributable to, a financial service to which subsection 941C (6) of the Act applies.