Corporations Regulations 2001

For subsection 946B(3A) of the Act, a record of advice must set out:

the following:

the advice given to the client by the providing entity;

if information or a statement required by subsections 947D(2) and (3) is given—the information and statement; or

the following:

brief particulars of the recommendations made and the basis on which the recommendations are made;

if information under subsection 947D(2) is given—brief particulars of the information;

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.