Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Note: Regulations 7.7A.01 to 7.7A.04 are reserved for future use.

Division 3 - Charging ongoing fees to clients  

REGULATION 7.7A.11AA   COMPLIANCE RECORDS REQUIRED TO BE KEPT BY FEE RECIPIENTS  

7.7A.11AA(1)    
This regulation is made for the purposes of section 962X of the Act.

7.7A.11AA(2)    
A fee recipient must keep the following records in relation to an ongoing fee arrangement the fee recipient has with the client:

(a)    each fee disclosure statement the fee recipient has given to the client;

(b)    the date on which each such fee disclosure statement was given to the client, and the manner in which it was given;

(c)    if the client gives any of the following notifications to the fee recipient - the notification and the date on which the notification was given:

(i) a notification of an election to renew the ongoing fee arrangement;

(ii) a notification of an election not to renew the ongoing fee arrangement;

(iii) a notification terminating the ongoing fee arrangement;

(d)    if the ongoing fee arrangement has terminated - the date on which the arrangement terminated and the basis on which the arrangement terminated.

7.7A.11AA(3)    
A fee recipient must also keep the following records in relation to an ongoing fee arrangement:

(a)    each consent for deductions relating to the ongoing fee arrangement given to the fee recipient for the purposes of section 962R or 962S of the Act;

(b)    the date on which each such consent was given;

(c)    each notice given to the fee recipient under subsection 962U(1) of the Act withdrawing or varying such consent;

(d)    the date on which each such notice was given;

(e)    each confirmation of receipt of such notice given by the fee recipient under subsection 962U(2) of the Act;

(f)    each of the following communications in relation to the consent referred to in paragraph (a) , and the date on which the communication occurred:

(i) giving a copy of the consent as required under paragraph 962S(3)(c) of the Act;

(ii) giving a copy of a notice withdrawing or varying the consent as required under paragraph 962U(2)(b) of the Act;

(iii) giving written notice of the cessation of the consent under subsection 962V(2) of the Act;

(g)    if the fee recipient arranges with another person (the account provider ) for deductions relating to the ongoing fee arrangement to be made, as referred to in paragraph 962S(1)(d) of the Act - the details of the arrangement with the account provider.