Corporations Amendment Regulations 2003 (No. 7) (202 of 2003)

Schedule 1   Amendments commencing on gazettal

[6]   Subregulation 7.7.02 (4)

substitute

(4) For subsection 941C (8) of the Act, a Financial Services Guide does not have to be given to a client in respect of advice that:

(a) is provided by a providing entity that is:

(i) a product issuer; or

(ii) a related body corporate of a product issuer; or

(iii) a product distributor; or

(iv) an authorised representative of an entity mentioned in subparagraph (i), (ii) or (iii); and

(b) is only general advice in relation to a financial product that is, or a class of financial products that includes, a financial product that is:

(i) issued by the providing entity or a related body corporate of the providing entity; or

(ii) offered by the providing entity; and

(c) is not provided during a meeting; and

(d) is not provided during a telephone call, unless:

(i) the advice:

(A) is provided in a telephone call to a person who holds a financial product that is issued by the providing entity or a related body corporate of the product issuer, or offered by the providing entity; and

(B) concerns a class of financial products that includes the financial product held by the client; or

(ii) there is no issue or sale of any financial product during the telephone call.

Note The providing entity must meet obligations under the Act in relation to the telephone call such as the prohibition of hawking in sections 992A and 992AA of the Act and the requirements for Product Disclosure Statements in Part 7.9 of the Act.

(4A) If general advice is provided during a telephone call in accordance with paragraph (4) (d), the providing entity must tell the client that:

(a) a Financial Services Guide exists; and

(b) the provider will send out a Financial Services Guide on request.


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