Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 6 - Financial records, statements and audit  

Subdivision B - Financial records of financial services licensees  

REGULATION 7.8.11B   INFORMATION TO BE SHOWN IN RECORDS: RECORDS OF REBATES IN RELATION TO CONFLICTED REMUNERATION  

7.8.11B(1)    
For the purposes of paragraph 988E(g) of the Act, the following matters are specified in relation to records that must be kept by a financial services licensee who is a person covered by section 963M of the Act:

(a) all conflicted remuneration that the financial services licensee is legally obliged (disregarding Subdivision C of Division 4 of Part 7.7A of the Act) to give another person for a financial year;

(b) all amounts that the financial services licensee is required by regulation 7.7A.15AK to pay, and all monetary benefits that the financial services licensee is required by that regulation to provide, for a financial year, and the following:

(i) all such amounts paid, and all such monetary benefits provided, by the financial services licensee for the financial year;

(ii) all cases where the financial services licensee determined that an amount that was just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2) was nil.

7.8.11B(2)    
For the purposes of section 988F of the Act, subregulation (3) sets out additional requirements for things to be contained in records, and relating to the level of detail to be shown in records, that are imposed in relation to records that must be kept by a financial services licensee who is a person covered by section 963M of the Act, for:

(a) all amounts that the financial services licensee is required by regulation 7.7A.15AK to pay, and all monetary benefits that the financial services licensee is required by that regulation to provide; and

(b) all cases where the financial services licensee determined that an amount that was just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2) was nil.

7.8.11B(3)    
The requirements are as follows:

(a) an explanation of how the financial services licensee ascertained the identity of the product holders;

(b) an explanation of:

(i) if paragraph (2)(a) applies - how the financial services licensee determined that the amounts to pay, or the amounts of the monetary benefit to provide, were just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2) ; and

(ii) if paragraph (2)(b) applies - how the financial services licensee determined that nil amounts were just and equitable in the circumstances for the purposes of subregulation 7.7A.15AK(2) ;

(c) a description of the financial product or products to which the conflicted remuneration relates, including the following information:

(i) the name of that product (or the names of those products);

(ii) the product identification number of that product (or the product identification numbers of those products) (if any);

(d) if paragraph (2)(a) applies:

(i) the date by which the financial services licensee was required under regulation 7.7A.15AK to pay the amounts or provide the monetary benefits; and

(ii) the date or dates on which the amounts were paid, or the monetary benefits were provided; and

(iii) a description of the manner in which the amounts were paid, or the monetary benefits were provided.