Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p55
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 55/60)
Character Range: 961714–964578

a non‑monetary benefit is given to a financial services licensee, or a representative of a financial services licensee, who provides financial advice, is less than the prescribed amount and identical or similar benefits are not given on a frequent or regular basis, the benefit is not conflicted remuneration.

7.7.09C  Requirement to keep Statement of Advice and other documents
  A Statement of Advice and a document, or part of a document, mentioned in the Statement, must be retained, by the providing entity that gave the Statement, for 7 years after the day on which the Statement is provided to the client.

7.7.10  Products for which a Statement of Advice is not required
  For paragraph 946B(5)(c) of the Act, the following are prescribed:
 (a) a deposit product that is a facility in relation to which:
 (i) there is no minimum period before which funds cannot be withdrawn or transferred from the facility without a reduction in the return generated for the depositor; or
 (ii) if there is such a period, it expires on or before the end of the period of 2 years starting on the day on which funds were first deposited in the facility;
 (b) travellers' cheques;
 (c) a cash management trust interest;
 (d) a motor vehicle insurance product (see regulation 7.1.11);
 (e) a home building insurance product (see regulation 7.1.12);
 (f) a home contents insurance product (see regulation 7.1.13);
 (g) a travel insurance product (see regulation 7.1.16);
 (h) a personal and domestic property insurance product (see regulation 7.1.17);
 (i) a general insurance product prescribed by regulations made for the purposes of subparagraph 761G(5)(b)(viii) (see regulation 7.1.17A).

7.7.10AA  Obligation on authorised representative to give a financial services guide
  For paragraph 951C(1)(c) of the Act, Part 7.7 of the Act applies as if subsection 941B(2) were omitted and the following subsection were substituted:
 "(2) A Financial Services Guide must not be given to the person by the providing entity unless the authorising licensee, or each of the authorising licensees, on whose behalf the providing entity provides the financial services, has authorised its distribution by the providing entity."

7.7.10AAA  Record of advice without a recommendation to purchase or sell—content requirements
  For subsection 946B(9) of the Act, a record of advice must set out the following:
 (a) the investment advice given to a client by the providing entity;
 (b) brief particulars of the recommendations made to the client and the basis on which the recommendations are made;
 (c) if the providing entity is a financial services licensee—the information that, if a Statement of Advice were to be given, would be required in that Statement by paragraphs 947B(2)(d) and (e) of the Act;
 (d) if the providing entity is an authorised representative—the information that,