Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p51
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 51/60)
Character Range: 951516–954181

must be calculated to include:
 (a) the value to the client of the total divestment; and
 (b) other amounts reasonably related to the divestment that would be expended if the advice is taken.
Note: The total value of all financial investments in relation to which small investment advice is provided is calculated in accordance with subsection 946AA(2) of the Act.
 (8) If the total value of an investment, to which investment advice to a client relates, is not able to be ascertained under subsection 946AA(2) of the Act, the investment advice is taken to exceed the threshold amount in subregulation (1).
 (9) If an investment, to which investment advice relates, is jointly held by more than 1 client, the sum of the values of each client's investment must be calculated to determine whether the threshold amount in subregulation (1) is exceeded.

When record of advice is given
 (10) For subsection 946AA(4) of the Act, a record of advice is required to be given to a client when, or as soon as practicable after, investment advice is provided to the client and, in any event, subject to subregulation (12), before the providing entity provides the client with any further financial service that arises out of or in connection with the investment advice.

Statement of certain information if record of advice not given when advice provided
 (11) If the record of advice is not given to the client when the investment advice is provided, the providing entity must, at the time the investment advice is provided, give the client a statement that contains the information that would be required to be in a Statement of Advice by:
 (a) paragraphs 947B(2)(d) and (e) of the Act; or
 (b) paragraphs 947C(2)(e) and (f) of the Act;
as the case requires, and by section 947D of the Act, if applicable.

Time‑critical cases
 (12) If:
 (a) a client expressly instructs that they require a further financial service to be provided immediately, or by a specified time; and
 (b) the further financial service arises out of, or in connection with, the investment advice given to the client; and
 (c) it is not reasonably practicable to give a record of advice to the client before the further service is provided as so instructed;
the providing entity must give the client the record of advice:
 (d) unless paragraph (e) applies—within 5 days after providing the further service, or as soon as practicable; or
 (e) if the further financial service is the provision to the client of a financial product and section 1019B of the Act applies to the acquisition of the product by the client—before the start of the period applicable under subsection 1019B(3) of the Act, or sooner