Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.1 - PRELIMINARY  

Division 1 - General  

REGULATION 7.1.08   MEANING OF FINANCIAL PRODUCT ADVICE : EXEMPT DOCUMENT OR STATEMENT  

7.1.08(1)    
For subparagraph (a)(ii) of the definition of exempt document or statement in subsection 766B(9) of the Act, the following documents and statements are prescribed (and so excluded from the definition):

(a) a Product Disclosure Statement that:

(i) contains personal advice; or

(ii) contains general advice about a financial product other than a financial product to which the Statement relates;

(b) a Financial Services Guide that contains personal advice;

(c) a document or statement that would, but for this regulation, be an exempt document or statement only because it is prepared or given in accordance with section 1018A of the Act;

(d) a record of advice mentioned in subsection 946B(3A) of the Act.

7.1.08(2)    
For subregulation (1), if a person:

(a) acquires a financial product ( product 1 ); and

(b) will be able, by acquiring product 1, to give the product issuer an instruction to acquire a particular financial product or a financial product of a particular kind (within the meaning of section 1012IA of the Act) under a custodial arrangement (within the meaning of section 1012IA of the Act);

the Product Disclosure Statement for product 1 is taken to relate to the other financial product.

7.1.08(3)    
For paragraph (b) of the definition of exempt document or statement in subsection 766B(9) of the Act, documents, information and statements that:

(a) do not contain personal advice; and

(b) are required by, and prepared as a result of, a requirement under an Australian law; and

(c) are included in a class of documents, information or statements specified by ASIC in a list published in the Gazette for this subregulation;

are prescribed (and so included in the definition).

7.1.08(3A)    

For the purposes of paragraph (b) of the definition of exempt document or statement in subsection 766B(9) of the Act, the following documents and statements are prescribed (and so included in the definition):

(a) a CSF offer document that does not contain personal advice;

(b) a document or statement to the extent that it contains or draws information from a CSF offer document and attributes that information to the CSF offer document, if:

(i) the information is published on the platform on which the CSF offer document is published, and does not contain personal advice; or

(ii) the information is a statement made on the communication facility for the CSF offer, and does not contain personal advice;

(c) an advertisement or publication to the extent that the advertisement or publication:

(i) contains or draws information from a CSF offer document and attributes that information to the CSF offer document; and

(ii) does not contravene subsection 738ZG(1) of the Act; and

(iii) does not contain personal advice.

7.1.08(4)    

For paragraph (b) of the definition of exempt document or statement in subsection 766B(9) of the Act:

(a) an assessment under subsection 985E(1) of the Act that a margin lending facility will not be unsuitable for the person to whom the margin lending facility is to be issued is prescribed (and so excluded from the definition); and

(b) an assessment under subsection 985E(1) of the Act that a margin lending facility whose limit is proposed to be increased will not be unsuitable for the person for whom the limit of the margin lending facility is to be increased is prescribed (and so excluded from the definition).

Note: The effect of paragraph (b) of the definition of exempt document or statement in subsection 766B(9) , is that a prescribed document or statement is an exempt document or statement.