Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.7 - FINANCIAL SERVICES DISCLOSURE  

Division 2 - Person provided with financial service as retail client to be given a Financial Services Guide  

Subdivision A - Requirement for a Financial Services Guide to be given  

SECTION 941C   SITUATIONS IN WHICH A FINANCIAL SERVICES GUIDE IS NOT REQUIRED  

Client has already received the information

941C(1)    
The providing entity does not have to give the client a Financial Services Guide (the new FSG ) if the client has already received a Financial Services Guide that contains all of the information that the new FSG is required to contain.

Providing entity is product issuer dealing in own products

941C(2)    
The providing entity does not have to give the client a Financial Services Guide if:

(a)    the providing entity is an issuer of financial products; and

(b)    the financial service is a dealing (see section 766C ) in financial products, other than derivatives able to be traded on a licensed market, issued by the providing entity, and does not also relate to financial products issued by someone else.

Note: The issuer will however have to comply with the Product Disclosure Statement requirements (see Division 2 of Part 7.9 ).

Providing entity is merely operating a registered scheme.

941C(3)    
The providing entity does not have to give the client a Financial Services Guide if:

(a)    the providing entity is the responsible entity of a registered scheme; and

(b)    the financial service consists only of the operation of that scheme by the providing entity.

Providing entity is merely operating a notified foreign passport fund

941C(3A)    
The providing entity does not have to give the client a Financial Services Guide if:

(a)    the providing entity is the operator of a notified foreign passport fund; and

(b)    the financial service consists only of the operation of that fund by the operator.

Providing entity is merely providing a superannuation trustee service

941C(3B)    

The providing entity does not have to give the client a Financial Services Guide if:

(a)    the providing entity is the trustee of a registrable superannuation entity; and

(b)    the financial service consists only of a superannuation trustee service.

Financial product advice given to the public

941C(4)    
The providing entity does not have to give the client a Financial Services Guide if the financial service is general advice provided to the public, or a section of the public, in the manner prescribed by regulations made for the purposes of this subsection.

941C(4A)    
(Repealed by No 101 of 2007, s 3, Sch 1, Pt 3 [ 220].)

941C(5)    
However, if subsection (4) applies and the client is not given a Financial Services Guide before the advice is provided, the client must instead, before the advice is provided, be given the information that would be required to be in the Financial Services Guide by paragraphs 942B(2) (a), (e) and (f), or paragraphs 942C(2) (a), (c), (f) and (g), as the case requires.

Certain basic deposit and other products

941C(6)    

The providing entity does not have to give the client a Financial Services Guide if the financial service is a dealing (see section 766C ) in, is the provision of financial product advice (see section 766B ) about, or in any other way relates to, any of the following:

(a)    a basic deposit product;

(b)    a facility for making non-cash payments (see section 763D ) that is related to a basic deposit product;

(c)    a financial product of a kind prescribed by regulations made for the purposes of this paragraph.

941C(7)    

However, if subsection (6) applies and the client is not given a Financial Services Guide before the service is provided, the client must instead, before the service is provided, be given the information that would be required to be in the Financial Services Guide by paragraphs 942B(2)(a) , (fa) and (h) , or paragraphs 942C(2)(a) , (ga) and (i) , as the case requires. Claims handling and settling service

941C(7A)    

The providing entity does not have to give the client a Financial Services Guide if:

(a)    the financial service consists only of a claims handling and settling service; and

(b)    the claims handling and settling service does not consist only of representing the client as a person insured under an insurance product in pursuing a claim under that product.

Regulations may specify other exemptions

941C(8)    
A Financial Services Guide does not have to be given to the client in circumstances specified in regulations made for the purposes of this subsection.