Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
For subsection 766A(2) of the Act, a financial product issuer is not taken to provide a financial service if:
(a) the issuer gives advice to another person about:
(i) a particular financial product or class of financial products issued by the issuer; or
(ii) an interest in a particular financial product or a class of financial products issued by the issuer; and
(b) the advice is not personal advice; and
(c) the advice is given to the person at the same time as the issuer:
(i) advises the person that the issuer is not licensed to provide financial product advice in relation to the product, class or interest, as the case may be; and
(ii) recommends to the person that the person obtain a Product Disclosure Statement, if appropriate, and read it before making a decision to acquire the product or a product from the class of products, as the case may be; and
(iii) if it is advice about the offer, issue or sale of a financial product - notifies the person about the availability or otherwise of a cooling-off regime that applies in respect of the acquisition of the product, a product from the class of products or an interest in a product as the case may be (whether the regime is provided for by law or otherwise).
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