Corporations Amendment Regulations 2003 (No. 3) (85 of 2003)

Schedule 1   Amendments

[8]   After regulation 7.7.05A

insert

7.7.05B Personalised Financial Services Guide

(1) This regulation applies if a body corporate:

(a) is a financial services licensee; and

(b) distributes a financial product of another financial services licensee ( the original licensee ); and

(c) authorises an individual to provide financial services on behalf of the original licensee.

(2) This regulation also applies if a body corporate:

(a) is an authorised representative of a financial services licensee ( the original licensee ); and

(b) authorises an individual to provide financial services on behalf of the original licensee.

Note The individual is the providing entity in relation to any financial service provided.

(3) For paragraph 942C (4) (b) of the Act, the Financial Services Guide in relation to a financial service does not have to include the information in paragraph 942C (2) (a) of the Act, in respect of the individual, if:

(a) the individual provides the financial service in accordance with the authorisation; and

(b) the financial service is dealing in a financial product or the provision of general advice, or both; and

(c) a Financial Services Guide for the financial service was prepared by the body corporate; and

(d) the Financial Services Guide includes a statement setting out:

(i) the contact details of the licensee and the body corporate; and

(ii) the individual's role and capacity; and

(e) the body corporate has reasonable grounds to believe that the identity or remuneration of the individual would not be material to a decision whether a retail client should obtain the financial service.

Note The Financial Services Guide will contain all information otherwise required by section 942C of the Act.