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 946AA(4) of the Act, a record of advice to a client must set out:
(a) the matters set out in subregulation (2); and
(b) the information that, if a Statement of Advice were to be given, would be required in that statement by paragraphs 947B(2)(d) and (e) of the Act or paragraphs 947C(2)(e) and (f) of the Act. 7.7.08C(2) [ Matters to be set out]
For paragraph (1)(a), the matters that the record of advice must set out are:
(a) brief particulars of the recommendations made to the client and the basis on which the recommendations are made; and
(b) brief particulars of the information that would be required by subsection 947D(2) of the Act if a Statement of Advice were given to the client; and
(c) the statement that would be required by subsection 947D(3) of the Act if a Statement of Advice were given to the client.
Note: A client is entitled to ask the providing entity for a record of advice and the providing entity must give a copy of the record of advice to the client - see paragraph 946AA(5)(a) of the Act.
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