Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.47 - APPLICATION AND TRANSITIONAL PROVISIONS RELATING TO SCHEDULE 2 TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE NO. 2) ACT 2021  

SECTION 1674  

1674   APPLICATION OF DISCLOSURE OF LACK OF INDEPENDENCE REFORMS  

The amendments made by Schedule 2 to the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021 apply in relation to a financial service provided on or after 1 July 2021.

SECTION 1674A   OBLIGATION TO GIVE UPDATED FINANCIAL SERVICES GUIDE  

1674A(1)    
If:

(a)    the providing entity has given a Financial Services Guide to the client under section 941A or 941B before 1 July 2021; and

(b)    the providing entity will provide a financial service to the client on or after 1 July 2021; and

(c)    paragraph 942B(2)(fa) or 942C(2)(ga) , as inserted by Schedule 2 to the Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2021 , applies in relation to the providing entity and the financial service;

the providing entity must, before the financial service is provided to the client, give the client:

(d)    another Financial Services Guide that contains the statement required by whichever of the paragraphs referred to in paragraph (c) of this subsection is applicable; or

(e)    a Supplementary Financial Services Guide that contains that statement.

1674A(2)    
Subsections 941A(1) and 941B(1) apply as if the reference in those subsections to " this Division " included a reference to this section.