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 946B(3A) of the Act, a record of advice must set out:
(a) the following:
(i) the advice given to the client by the providing entity;
(ii) if information or a statement required by subsections 947D(2) and (3) is given - the information and statement; or
(b) the following:
(i) brief particulars of the recommendations made and the basis on which the recommendations are made;
(ii) if information under subsection 947D(2) is given - brief particulars of the information;
(iii) if a statement under subsection 947D(3) is given - an acknowledgement that the statement has been given.
The providing entity may keep the record in any form, for example, a tape recording.
The providing entity must keep the record for 7 years after the day on which the further advice is provided.
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