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 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 ).

Dealing in financial products in ordinary course of operation of superannuation entity

941C(2A)    

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

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

(b)    the client is a member (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) of the superannuation entity; and

(c)    the financial service is a dealing by the trustee in financial products in the ordinary course of operation of the superannuation entity.

Dealing in financial products in ordinary course of operation of registered scheme

941C(2B)    

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 client is a member the scheme; and

(c)    the financial service is a dealing by the responsible entity in financial products in the ordinary course of operation of the scheme.

Dealing in financial products in ordinary course of operating the business and conducting the affairs of a CCIV

941C(2C)    

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

(a)    the providing entity is the corporate director of a CCIV; and

(b)    the client is a member of the CCIV; and

(c)    the financial service is a dealing by the corporate director in financial products in the ordinary course of operating the business and conducting the affairs of the CCIV.

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 in, is the provision of financial product advice 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 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.