Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7 - FINANCIAL SERVICE DISCLOSURE  

Division 2B - Record of small investment advice  

REGULATION 7.7.08C   RECORD OF SMALL INVESTMENT ADVICE - CONTENT REQUIREMENTS  

7.7.08C(1)   [ Contents of record of advice]  

For subsection 946AA(4) of the Act, a record of advice to a client must set out:

(a) the matters set out in subregulation (2); and

(b) the information that, if a Statement of Advice were to be given, would be required in that statement by paragraphs 947B(2)(d) and (e) of the Act or paragraphs 947C(2)(e) and (f) of the Act.

7.7.08C(2)   [ Matters to be set out]  

For paragraph (1)(a), the matters that the record of advice must set out are:

(a) brief particulars of the recommendations made to the client and the basis on which the recommendations are made; and

(b) brief particulars of the information that would be required by subsection 947D(2) of the Act if a Statement of Advice were given to the client; and

(c) the statement that would be required by subsection 947D(3) of the Act if a Statement of Advice were given to the client.

Note: A client is entitled to ask the providing entity for a record of advice and the providing entity must give a copy of the record of advice to the client - see paragraph 946AA(5)(a) of the Act.