Various consequential amendments to Division 7 of Part 7.7 concerning situations where Financial Services Guides do not have to be given
7.7.10AF Various consequential amendments to Division 7 of Part 7.7 concerning situations where Financial Services Guides do not have to be given
For paragraph 951C(1)(c) of the Act, Part 7.7 of the Act applies as if the provision set out in column 2 of the following table were modified as set out in columns 3 and 4:
Column 1 | Column 2 | Column 3 | Column 4 |
Item | provision of Act | is modified by… | and… |
1 | paragraph (a) of the definition of defective in subsection 952B(1) | omitting “941D(2)” | substituting “941D(2) or paragraph 941C(7A)(c) or” |
2 | subparagraph (a)(iv) of the definition of defective in subsection 952B(1) | omitting “941D(2)” | substituting “941D(2) or paragraph 941C(7A)(c) or” |
3 | paragraph (d) of the definition of disclosure document or statement in subsection 952B(1) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
4 | paragraph 952E(2)(a) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
5 | paragraph 952F(1)(b) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
6 | subparagraph 952F(1)(c)(i) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
7 | paragraph 952G(1)(b) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
8 | subparagraph 952G(1)(c)(i) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
9 | paragraph (a) of the definition of defective in subsection 953A(1) | omitting “941D(2)” | substituting “941D(2) or paragraph 941C(7A)(c) or” |
10 | subparagraph (a)(iv) of the definition of defective in subsection 953A(1) | omitting “941D(2)” | substituting “941D(2) or paragraph 941C(7A)(c) or” |
11 | paragraph (d) of the definition of disclosure document or statement in subsection 953A(1) | omitting “946C(2)” | substituting “946C(2) or paragraph 941C(7A)(c),” |
For paragraph 951C(1)(c) of the Act, Part 7.7 of the Act applies as if subsection 940C(1) were modified by omitting “or a Statement of Advice” and substituting “, a Statement of Advice or a statement referred to in paragraph 941C(7A)(c)”.
For paragraph 951C(1)(c) of the Act, Part 7.7 of the Act applies as if subsection 941D(4) were omitted and the following subsection were substituted:
“(4) The client must then be given:
the statement referred to in paragraph 941C(7A)(c) together with a Product Disclosure Statement as required by paragraph 941C(7A)(b)) in accordance with the requirements of subsections 941C(7A) and (7B); or
a Financial Services Guide;
within 5 business days after having given the statement referred to in subsection (3), or sooner if practicable.”
For paragraph 951C(1)(c) of the Act, Part 7.7 of the Act applies as if the following subsection were inserted at the end of section 941F:
“(2) If:
a statement referred to in paragraph 941C(7A)(c) is given to the client before the financial service is provided; and
the following conditions are satisfied:
there is a change in circumstances before the service is provided and the statement does not contain the information it would be required to contain if it were given to a person immediately after that change;
the fact that the statement does not contain the up to date information is materially adverse from the point of view of a reasonable person deciding, as a retail client, whether to proceed to be provided with the financial service;
the providing entity must, before the service is provided, give the client another statement of the kind referred to in paragraph 941C(7A)(c) that contains the up to date information before the service is provided.”
This Act’s bill:Explanatory statement
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