Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 14 - Financial services disclosure  

REGULATION 10.2.50   CONTENT OF FINANCIAL SERVICES GUIDE FOR AN AUTHORISED REPRESENTATIVE THAT IS A REGULATED PRINCIPAL OR A REPRESENTATIVE OF A REGULATED PRINCIPAL  

10.2.50(1)    
This regulation applies if a person:

(a) is a regulated principal, or a representative of a regulated principal within the meaning of subsection 1436(1) of the Act; and

(b) is also in the transition period in the capacity of:

(i) a regulated principal; or

(ii) a representative of a regulated principal; and

(c) is also a financial services licensee or an authorised representative of a financial services licensee.

10.2.50(2)    
Paragraphs 942B(2)(c) and 942C(2)(d) of the Act are taken to require the person:

(a) to provide a statement, in addition to a Financial Services Guide, to the effect that the person is able to provide financial services as:

(i) a regulated principal; or

(ii) a representative of a regulated principal; and

(b) to include in the statement:

(i) a brief description of the kinds of financial services provided in that capacity; and

(ii) the name of each regulated principal (if any) on whose behalf the financial services are provided.

10.2.50(3)    
For subregulation (2):

(a) section 940C of the Act is taken to apply in relation to the statement; and

(b) the following matters are also taken to apply in relation to the person:

(i) any regulations or other instruments in force for section 940C ;

(ii) any interpretation provisions that apply for section 940C ;

(iii) any provisions relating to liability (civil or criminal) that apply for section 940C (whether or not they also apply or applied for other purposes);

(iv) any provisions that limit, or that otherwise affect, the operation of section 940C (whether or not they also limit or limited, or affect or affected, the operation of other provisions); and

(c) for Part 7.7 of the Act, the statement:

(i) is taken not to be a part of the Financial Services Guide; and

(ii) is taken not to be a statement that the person is required to include in a Financial Services Guide.

10.2.50(4)    
The person must not fail to give the statement in accordance with this regulation.

Penalty:

(a) for an individual - 50 penalty units; and

(b) for a body corporate - 500 penalty units.