Document ID: chunk:federal_register_of_legislation:F2024L01152:clause:1_13
Version: federal_register_of_legislation:F2024L01152
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 6599–8027

13  Subregulation 7.7.02A(2)
Repeal the subregulation, substitute:
 (2) For the 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)."