Corporations Act 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
This section sets out the requirements in relation to a person who is a provisional relevant provider. Meaning of supervisor 921F(2)
A supervisor of a provisional relevant provider is an individual who:
(a) has supervisory responsibility for the provisional relevant provider; and
(b) is a relevant provider; and
(c) is not a provisional relevant provider; and
(d) is not a limited-service time-sharing adviser. Role of supervisors 921F(3)
A supervisor of a provisional relevant provider must ensure that appropriate supervision is provided to the provisional relevant provider. 921F(4)
A supervisor of a provisional relevant provider must approve, in writing, any Statement of Advice provided by the provisional relevant provider to a retail client. Personal advice provided by provisional relevant providers 921F(5)
For the purposes of this Act, personal advice provided (whether orally or in writing) by a provisional relevant provider at a particular time to a retail client in relation to a relevant financial product is taken to have been provided to the client by each person who is, at that time, a supervisor of the provisional relevant provider (instead of by the provisional relevant provider). Retail clients to be informed of certain matters 921F(6)
A supervisor of a provisional relevant provider must ensure that a retail client is informed:
(a) of the name of each supervisor of the provisional relevant provider (even if the retail client has been informed of the name of each previous supervisor); and
(b) that the provisional relevant provider is undertaking work and training in accordance with subsection 921B(4) ; and
(c) that each supervisor is responsible for any personal advice provided by the provisional relevant provider to the client in relation to a relevant financial product. Provisional relevant providers not to obstruct or hinder supervision 921F(7)
A provisional relevant provider must not obstruct or hinder a supervisor of the provisional relevant provider in ensuring that appropriate supervision is provided to the provisional relevant provider.
PART 7.6
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LICENSING OF PROVIDERS OF FINANCIAL SERVICES
Division 8A
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Professional standards for relevant providers
Subdivision C
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Provisional relevant providers
SECTION 921F
REQUIREMENTS RELATING TO PROVISIONAL RELEVANT PROVIDERS
921F(1)
This section sets out the requirements in relation to a person who is a provisional relevant provider. Meaning of supervisor 921F(2)
A supervisor of a provisional relevant provider is an individual who:
(a) has supervisory responsibility for the provisional relevant provider; and
(b) is a relevant provider; and
(c) is not a provisional relevant provider; and
(d) is not a limited-service time-sharing adviser. Role of supervisors 921F(3)
A supervisor of a provisional relevant provider must ensure that appropriate supervision is provided to the provisional relevant provider. 921F(4)
A supervisor of a provisional relevant provider must approve, in writing, any Statement of Advice provided by the provisional relevant provider to a retail client. Personal advice provided by provisional relevant providers 921F(5)
For the purposes of this Act, personal advice provided (whether orally or in writing) by a provisional relevant provider at a particular time to a retail client in relation to a relevant financial product is taken to have been provided to the client by each person who is, at that time, a supervisor of the provisional relevant provider (instead of by the provisional relevant provider). Retail clients to be informed of certain matters 921F(6)
A supervisor of a provisional relevant provider must ensure that a retail client is informed:
(a) of the name of each supervisor of the provisional relevant provider (even if the retail client has been informed of the name of each previous supervisor); and
(b) that the provisional relevant provider is undertaking work and training in accordance with subsection 921B(4) ; and
(c) that each supervisor is responsible for any personal advice provided by the provisional relevant provider to the client in relation to a relevant financial product. Provisional relevant providers not to obstruct or hinder supervision 921F(7)
A provisional relevant provider must not obstruct or hinder a supervisor of the provisional relevant provider in ensuring that appropriate supervision is provided to the provisional relevant provider.
Note: Under section 921U , the standards body may provide further for the purposes of this section.
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