Corporations Amendment Regulations 2010 (No. 4) (89 of 2010)

Schedule 1   Amendments

[7]   Part 7.7, after Division 2A

insert

Division 2AA Combined Financial Services Guide and credit guide

7.7.08B Modification of section 942DA of the Act

(1) For paragraph 951C (1) (c) of the Act, Part 7.7 of the Act applies as if section 942DA of the Act were modified by substituting the heading of the section with the following section heading and subsection heading:

‘ 942DA Combining a Financial Services Guide and another instrument

Financial Services Guide and a Product Disclosure Statement’.

(2) Part 7.7 of the Act applies as if section 942DA of the Act were also modified by inserting after subsection (3) the following subsection heading and subsections:

‘Financial Services Guide and a credit guide

(4) If:

(a) a person:

(i) is:

(A) a financial services licensee; or

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

(ii) is required to give a Financial Services Guide to a client under this Act; and

(b) the person:

(i) either:

(A) holds an Australian credit licence under the National Consumer Credit Protection Act 2009; or

(B) is a credit representative (within the same meaning as in the National Consumer Credit Protection Act 2009); and

(ii) is required to give a credit guide to a consumer under that Act;

the person may combine the Financial Services Guide and credit guide in a single document.

(5) If the person combines the Financial Services Guide and credit guide in a single document, any statements or information to be included in the credit guide that are identical to statements or information to be included in the Financial Services Guide need only be included once.’