Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 8A - Professional standards for relevant providers etc.  

Subdivision C - 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. Civil liability

921F(8)  
A person contravenes this subsection if the person contravenes subsection (3) , (4) , (6) or (7) .

Note 1: Subsection (8) is a restricted civil penalty provision (see sections 921Q and 1317E ).

Note 2: ASIC or a Financial Services and Credit Panel may take certain other action against a relevant provider who contravenes subsection (3) , (4) , (6) or (7) (see Division 8B ).