Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p35
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 35/60)
Character Range: 910146–912930

purposes of paragraph 951C(1)(c) of the Act, section 941C of the Act is modified by inserting after subsection 941C(7) the following subsections:
 "(7AA) The providing entity does not have to give the client a Financial Services Guide in the following circumstances:
 (a) if the providing entity will, or is likely to, provide a financial service to the client in a recommendation situation (see section 1012A), an issue situation (see section 1012B) or a sale situation (see section 1012C);
 (b) the providing entity gives to the client a Product Disclosure Statement;
 (c) the providing entity gives to the client a statement that:
 (i) contains so much of the information required by section 942B or 942C (as the case may be), and any regulations made for the purposes of the appropriate section, as is not already set out in the Product Disclosure Statement; and
 (ii) complies with the requirements set out in subsection (7AB);
 (d) the statements mentioned in paragraphs (b) and (c) are given at the same time.
 (7AB) The statement referred to in paragraph (7AA)(c) must:
 (a) be up to date as at the time it is given to the client; and
 (b) may contain information apart from that referred to in subparagraph (7AA)(c)(i); and
 (c) meet the requirements of subsections 942B(3) and (6A) or subsections 942C(3) and (6A) (as the case may be)."

7.7.03  Financial Services Guide given by financial services licensee: description of documents
 (1) For paragraph 942B(2)(k) of the Act, the Financial Services Guide given by a financial services licensee must include a statement that:
 (a) describes the purpose and content of the Financial Services Guide; and
 (b) if appropriate:
 (i) informs the client that the client may also receive either or both of a Statement of Advice and a Product Disclosure Statement; and
 (ii) describes the purpose and content of those documents.
Note: This regulation (other than paragraph (5)(b) and subregulation (6)) is also relevant to website disclosure information made available in accordance with Division 2A of Part 7.7 of the Act (see paragraph 943J(a) of the Act).
 (2) In describing the purpose and content of the Financial Services Guide as mentioned in subregulation (1), the client's attention must be drawn to the following matters:
 (a) the Guide is designed to assist the client in deciding whether to use any of the services offered in the Guide;
 (b) the Guide contains information about remuneration that may be paid to the financial services licensee and other relevant persons in relation to the services offered;
 (c) the Guide contains information on how complaints against the financial services licensee are dealt with.
 (3) In describing the purpose and content of a Statement of Advice or Product Disclosure Statement, the