Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7 - FINANCIAL SERVICES DISCLOSURE

CCH note - modifying legislative instruments: The application of Pt 7.7 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: Class Order 14/1262: Relief for 31 Day Notice Term Deposits; the ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 (as amended by ASIC Corporations (Amendment) Instrument 2024/554); and the ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (as amended by ASIC Corporations (Amendment) Instrument 2024/554).

For other legislative instruments or class orders that affect the application of Pt 7.7, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.

Division 3 - Additional requirements for personal advice provided to a retail client

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CCH Note: Division 3 is modified by the ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 and the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

Subdivision C - Requirement for a Statement of Advice to be given

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CCH Note: Subdivision C is modified by the ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 and the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

SECTION 946A OBLIGATION TO GIVE CLIENT A STATEMENT OF ADVICE

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CCH Note: Section 946A is modified by the ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 and the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.

946A(1)
The providing entity must give the client a Statement of Advice in accordance with this Subdivision and Subdivision D .

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946A(2)
The Statement of Advice may be:

(a) the means by which the advice is provided; or

(b) a separate record of the advice.

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946A(3)

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This section has effect subject to sections 946AA and 946B .

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946A(4)

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A person contravenes this subsection if the person contravenes subsection (1).

Note: This subsection is a civil penalty provision (see section 1317E ).

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