Record of advice without a recommendation to purchase or sell—content requirements
7.7.10AAA Record of advice without a recommendation to purchase or sell—content requirements
For subsection 946B(9) of the Act, a record of advice must set out the following:
the investment advice given to a client by the providing entity;
brief particulars of the recommendations made to the client and the basis on which the recommendations are made;
if the providing entity is a financial services licensee—the information that, if a Statement of Advice were to be given, would be required in that Statement by paragraphs 947B(2)(d) and (e) of the Act;
if the providing entity is an authorised representative—the information that, if a Statement of Advice were to be given, would be required in that Statement by paragraphs 947C(2)(e) and (f) of the Act.
A client is entitled to ask the providing entity for a record of advice under subsections 942B(8) and 942C(8) (Financial Services Guides) and section 943N (website disclosure information) of the Act.
This Act’s bill:Explanatory statement
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