Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p6
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 6/73)
Character Range: 1704160–1706771

product held on trust for or on behalf of the client as a necessary part of the custodial or depository service; and
 (b) the person entered into the arrangement under which the custodial or depository service is provided, before the FSR commencement; and
 (c) the arrangement continued unaltered after the person became subject to Part 7.7 of the Act.
 (2) For paragraph (1)(c), an arrangement is taken to continue unaltered if:
 (a) the person holds, under the arrangement, financial products that are different financial products from those held under the arrangement before the person became subject to Part 7.7 of the Act; and
 (b) none of the different financial products is held on instruction from the client.
 (3) Subparagraph (1)(a)(ii) does not apply to dealing in a financial product if the dealing consists of the issue of a financial product to a person other than the client to whom the custodial or depository service is provided.

10.2.49  Obligation to give Financial Services Guide in relation to existing clients
 (1) For section 1444 of the Act, section 941D of the Act is taken not to require a person to give a client a Financial Services Guide in relation to a financial service (the new financial service) within the period specified in that section if, in the period of 6 months ending on the day immediately before Part 7.7 of the Act first applies to the person in relation to the provision of financial services of the same kind as the new financial service, the person had provided a financial service to the client of the same kind as the new financial service.
 (2) For subregulation (1), section 941D of the Act is also taken to require the person to give the client the Financial Services Guide:
 (a) as soon as is reasonably practicable; and
 (b) in any event, within the period of 14 days starting on the day on which the person would have been required by section 941D of the Act to provide a Financial Services Guide if subregulation (1) did not apply.
 (3) This regulation ceases to apply in relation to the person at the end of 14 days after the day on which Part 7.7 of the Act first applies to the person in relation to the provision of financial services of the same kind as the new financial service.

10.2.50  Content of Financial Services Guide for an authorised representative that is a regulated principal or a representative of a regulated principal
 (1) This regulation applies if a person:
 (a) is a regulated principal, or a representative of a regulated principal within the meaning of subsection 1436(1) of the Act; and
 (b) is also in the transition period