CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.47
-
APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 2 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE NO. 2) ACT 2021
History
Pt 10.47 inserted by No 19 of 2021, s 3, Sch 2
[
9] (effective 1 July 2021).
SECTION 1674
1674
APPLICATION OF DISCLOSURE OF LACK OF INDEPENDENCE REFORMS
The amendments made by Schedule 2 to the
Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021
apply in relation to a financial service provided on or after 1 July 2021.
History
S 1674 inserted by No 19 of 2021, s 3, Sch 2
[
9] (effective 1 July 2021).
SECTION 1674A
OBLIGATION TO GIVE UPDATED FINANCIAL SERVICES GUIDE
1674A(1)
If:
(a)
the providing entity has given a Financial Services Guide to the client under section
941A
or
941B
before 1 July 2021; and
(b)
the providing entity will provide a financial service to the client on or after 1 July 2021; and
(c)
paragraph
942B(2)(fa)
or
942C(2)(ga)
, as inserted by Schedule 2 to the
Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021
, applies in relation to the providing entity and the financial service;
the providing entity must, before the financial service is provided to the client, give the client:
(d)
another Financial Services Guide that contains the statement required by whichever of the paragraphs referred to in paragraph
(c)
of this subsection is applicable; or
(e)
a Supplementary Financial Services Guide that contains that statement.
1674A(2)
Subsections
941A(1)
and
941B(1)
apply as if the reference in those subsections to
"
this Division
"
included a reference to this section.
History
S 1674A inserted by No 19 of 2021, s 3, Sch 2
[
9] (effective 1 July 2021).