Corporations Act 2001
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.
Note: Under section 921U , the standards body may provide further for the purposes of this section.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.