Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
View history note
Hide history noteCCH 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.
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.
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.
CCH Note: Section 946C is modified by the ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 and the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716.
General rule
946C(1)
Subject to this section, if the Statement of Advice is not the means by which the advice is provided, the Statement of Advice must be given to the client when, or as soon as practicable after, the advice is provided and, in any event, before the providing entity provides the client with any further financial service that arises out of or is connected with that advice.
Statement of certain information if Statement of Advice not given when advice provided
946C(2)
If the Statement of Advice is not given to the client when the advice is provided, the providing entity must, when the advice is provided, give the client a statement that contains the information that would be required to be in a Statement of Advice by paragraphs 947B(2)(d) and (e) , or 947C(2)(e) and (f) , as the case requires, and by section 947D , if applicable.
Time critical cases
946C(3)
If: (a) the client expressly instructs that they require a further financial service that arises out of, or is connected with, the advice to be provided immediately, or by a specified time; and (b) it is not reasonably practicable to give the Statement of Advice to the client before that further service is provided as so instructed;
the providing entity must give the client the Statement of Advice:
(c) unless paragraph (d) applies - within 5 business days after providing that further service, or sooner if practicable; or (d) if that further service is the provision to the person of a financial product and section 1019B (cooling-off period) will apply to the acquisition of the product by the person - before the start of the period applicable under subsection 1019B(3) , or sooner if practicable.[ CCH Note: For modified s 946C(3)(c), see Corporations Regulations reg 7.7.10AH - Business days.]
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