Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7 - FINANCIAL SERVICE DISCLOSURE  

Division 3 - Statement of Advice  

REGULATION 7.7.09   SITUATIONS IN WHICH STATEMENT OF ADVICE IS NOT REQUIRED: FURTHER ADVICE  

7.7.09(1)   [ Content of record of advice]  

For subsection 946B(3A) of the Act, a record of advice must set out:

(a) the following:

(i) the advice given to the client by the providing entity;

(ii) if information or a statement required by subsections 947D(2) and (3) is given - the information and statement; or

(b) the following:

(i) brief particulars of the recommendations made and the basis on which the recommendations are made;

(ii) if information under subsection 947D(2) is given - brief particulars of the information;

(iii) if a statement under subsection 947D(3) is given - an acknowledgement that the statement has been given.

7.7.09(2)   [ Form of record]  

The providing entity may keep the record in any form, for example, a tape recording.

7.7.09(3)   [ Time to keep record]  

The providing entity must keep the record for 7 years after the day on which the further advice is provided.