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 942B(7) of the Act, if: (a) the remuneration (including commission) or other benefits that a person mentioned in paragraph 942B(2)(e) or person 1 in subregulation 7.7.04(1) has received, or is to receive, are not able to be ascertained at the time the Financial Services Guide is given to the client or the website disclosure information is made available; and (b) the providing entity reasonably believes that personal advice will not be given to the client; and (c) the Financial Services Guide or the website disclosure information does not contain particulars of the remuneration (including commission) or other benefits;
the client may request, from the financial services licensee, particulars of the remuneration (including commission) or other benefits.
7.7.04A(2)
A request under subregulation (1) must be made: (a) if the providing entity makes website disclosure information available in accordance with Division 2A of Part 7.7 of the Act - before any financial service identified in the website disclosure information is provided to the client; or (b) otherwise - within a reasonable time after the client is given the Financial Services Guide and before any financial service identified in the Guide is provided to the client.
7.7.04A(3)
For subregulation (1) , the particulars must, to the extent relevant, include a statement of the range of amounts or rates of remuneration (including commission) or other benefits.
Examples
1. Remuneration is paid within the range of $X to $Y.
2. Commission is paid at rates between X% and Y%.
7.7.04A(4)
The particulars mentioned in subregulation (3) must be presented in a manner that is easy for the client to understand.
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