Corporations Amendment Regulations 2007 (No. 10) (259 of 2007)

Schedule 1   Amendments

[2]   After regulation 7.7.09

insert

7.7.09B Statement of Advice from providing entity - information not included in the Statement

(1) For paragraphs 947B (4) (b) and 947C (4) (b) of the Act, a providing entity is not required to include a statement or information mentioned in Part 7.7 of the Act, except a statement or information that is required by sections 945B and 947D of the Act, in a Statement of Advice to the client if the Statement of Advice:

(a) refers to the statement or information; and

(b) provides sufficient details about the statement or information to enable the client:

(i) to identify by a unique identifier the document, or part of the document, that contains the statement or information; and

(ii) to decide whether or not to read the statement or information or obtain a copy of the statement or information; and

(c) states that a copy of the statement or information may be obtained from the providing entity on request, at no charge.

(2) Subject to subregulation (3), the providing entity must give the client the document, or part of the document (whichever is applicable), unless the providing entity has already given the document or part of the document to the client.

(3) If the providing entity is an authorised representative of an Australian financial services licensee, the document, or part of the document (whichever is applicable), may be provided to the client:

(a) by another authorised representative appointed by and acting on behalf of the licensee; or

(b) by the licensee.

(4) If the client requests a copy of a statement or information that the providing entity is not required to include in accordance with subregulation (1), the providing entity must provide the copy as soon as practicable, at no charge.

(5) If a statement or information is not required to be included in a Statement of Advice because of subregulation (1), the statement or information is taken to be included in the Statement of Advice.

7.7.09C Requirement to keep Statement of Advice and other documents

A Statement of Advice and a document, or part of a document, mentioned in the Statement, must be retained, by the providing entity that gave the Statement, for 7 years after the day on which the Statement is provided to the client.