Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Division 3 - Charging ongoing fees to clients  

Subdivision B - Termination, disclosure and renewal  

SECTION 962D   APPLICATION OF THIS SUBDIVISION  

962D(1)  
This Subdivision only applies where:


(a) the client has not been provided with personal advice as a retail client before the application day by:


(i) in a case where the client has entered into an ongoing fee arrangement with a financial services licensee - the financial services licensee or a person acting as a representative of the financial services licensee; or

(ii) in a case where the client has entered into an ongoing fee arrangement with a person acting as a representative of a financial services licensee - the representative or the financial services licensee; and


(b) the client enters into the ongoing fee arrangement on or after the application day.

962D(2)  
In this section:

application day
means:


(a) where:


(i) the client enters into the ongoing fee arrangement with a financial services licensee, or a person acting as a representative of a financial services licensee; and

(ii) the financial services licensee has lodged notice with ASIC in accordance with subsection 967(1) that the obligations and prohibitions under this Part are to apply to the licensee and persons acting as representatives of the licensee, on and from a day specified in the notice;
the day specified in the notice; or


(b) in any other case - 1 July 2013.


 

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