Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p48
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 48/49)
Character Range: 1101600–1104447

facility with the increased limit, is unsuitable for the client.

7.8.09A  Modification of section 985G of the Act
  For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if section 985G of the Act were modified by inserting after subsection (2) the following subsection:
 '(2A) The regulations may provide that ASIC may specify in a legislative instrument matters ASIC considers to be relevant for the purposes of paragraph 985G(1)(c) of the Act.'

7.8.10  Circumstances in which margin lending facility is unsuitable
  For paragraph 985H(2)(b) of the Act, a margin lending facility, or a margin lending facility whose limit is proposed to be increased, is unsuitable for a retail client if the client:
 (a) is, on an ongoing basis, unable to be contacted by any of the usual means of communication; and
 (b) has not appointed an agent to act on the client's behalf.

7.8.10A  Margin lending facility taken not to be unsuitable
  For subsection 985K(4) of the Act, a margin lending facility is taken not to be unsuitable:
 (a) if:
 (i) an assessment of unsuitability was undertaken in accordance with the Act; and
 (ii) the assessment reasonably concluded that the margin lending facility is not unsuitable; or
 (b) if a person is exempt under regulation 7.8.08B from the requirement to make an assessment of unsuitability in relation to the margin lending facility.

Division 6—Financial records, statements and audit

Subdivision B—Financial records of financial services licensees

7.8.11  Particular categories of information to be shown in records
  For paragraph 988E(g) of the Act, the following matters are specified:
 (a) all underwriting transactions entered into by the financial services licensee;
 (b) all financial products dealt with by the licensee under instructions from another person;
 (c) each person who gave instructions to deal with financial products;
 (d) all property:
 (i) that is not the property of the financial services licensee; and
 (ii) for which the financial services licensee, or a nominee controlled by the financial services licensee, is accountable;
 (e) each person by whom, or for whom, property mentioned in paragraph (d) is held;
 (f) the extent to which property mentioned in paragraph (d) is:
 (i) held in safe custody; or
 (ii) deposited with a third party as security for a loan or advance made to the financial services licensee;
 (g) all transactions in relation to insurance products entered into with, or on behalf of, foreign insurers.

7.8.11A  Particular categories of information to be shown in records: records of non‑monetary benefit that is not conflicted remuneration
 (1) This regulation is made for paragraph 988E(g) and section 988F of the Act.
 (2) The following table sets out matters in relation to a non‑monetary benefit that:
 (a) is given to a financial services