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 48/60)
Character Range: 944156–946828

Part 7.7 of the Act applies as if section 942DA of the Act were also modified by inserting after subsection (3) the following subsection heading and subsections:

'Financial Services Guide and a credit guide
 (4) If:
 (a) a person:
 (i) is:
 (A) a financial services licensee; or
 (B) an authorised representative of a financial services licensee; and
 (ii) is required to give a Financial Services Guide to a client under this Act; and
 (b) the person:
 (i) either:
 (A) holds an Australian credit licence under the National Consumer Credit Protection Act 2009; or
 (B) is a credit representative (within the same meaning as in the National Consumer Credit Protection Act 2009); and
 (ii) is required to give a credit guide to a consumer under that Act;
the person may combine the Financial Services Guide and credit guide in a single document.
 (5) If the person combines the Financial Services Guide and credit guide in a single document, any statements or information to be included in the credit guide that are identical to statements or information to be included in the Financial Services Guide need only be included once.'

Division 2B—Record of small investment advice

7.7.08C  Record of small investment advice—content requirements
 (1) For subsection 946AA(4) of the Act, a record of advice to a client must set out:
 (a) the matters set out in subregulation (2); and
 (b) the information that, if a Statement of Advice were to be given, would be required in that statement by paragraphs 947B(2)(d) and (e) of the Act or paragraphs 947C(2)(e) and (f) of the Act.
 (2) For paragraph (1)(a), the matters that the record of advice must set out are:
 (a) brief particulars of the recommendations made to the client and the basis on which the recommendations are made; and
 (b) brief particulars of the information that would be required by subsection 947D(2) of the Act if a Statement of Advice were given to the client; and
 (c) the statement that would be required by subsection 947D(3) of the Act if a Statement of Advice were given to the client.
Note: A client is entitled to ask the providing entity for a record of advice and the providing entity must give a copy of the record of advice to the client—see paragraph 946AA(5)(a) of the Act.

Division 3—Statement of Advice

7.7.09  Situations in which statement of advice is not required: further advice
 (1) For subsection 946B(3A) of the Act, a record of advice must set out:
 (a) the following:
 (i) the advice given to the client by the providing entity;
 (ii) if information or a statement required by subsections 947D(2) and (3) is given—the information and statement; or
 (b) the following:
 (i) brief