Document ID: chunk:federal_register_of_legislation:C2025C00185:section:946b:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 946B (pt 1/4)
Character Range: 3927977–3930867

946B  Other situations in which a Statement of Advice is not required

Further market‑related advice
 (1) The providing entity does not have to give the client a Statement of Advice for particular advice (the further market‑related advice) if:
 (a) the providing entity is a participant in a licensed market, or is an authorised representative of a participant in a licensed market; and
 (b) the providing entity has previously given the client a Statement of Advice that set out the client's relevant personal circumstances in relation to the advice (the previous advice) set out in that Statement; and
 (c) the further market‑related advice recommends that the client:
 (i) acquire or dispose of, or not acquire or dispose of; or
 (ii) accept or refuse an offer or invitation which, if accepted, would result in the client acquiring or disposing of, or offering to acquire or dispose of;
  securities, managed investment products, foreign passport fund products or derivatives that are able to be traded on a licensed market; and
 (d) the following conditions are satisfied:
 (ia) the providing entity has, either immediately before the further market‑related advice is given, or within the preceding 12 months, checked with the client whether the client's objectives, financial situation and needs have changed since the last time the providing entity checked with the client about those matters; and
 (i) the client's relevant personal circumstances in relation to the further market‑related advice (determined having regard to the client's objectives, financial situation and needs as currently known to the providing entity) are not significantly different from the client's relevant personal circumstances in relation to the previous advice; and
 (ii) so far as the basis on which advice is given relates to other matters—the basis on which the further market‑related advice is given is not significantly different from the basis on which the previous advice was given; and
 (e) the providing entity has a reasonable belief that:
 (i) the client requires the further market‑related advice to be provided promptly; or
 (ii) it is in the client's interests that the further market‑related advice be provided promptly; and
 (f) either:
 (i) the further market‑related advice does not contain any other kind of financial product advice; or
 (ii) the only other kind of financial product advice contained in the further market‑related advice is cash management facility advice; and
 (g) the further market‑related advice is given:
 (i) by telephone; or
 (ii) by fax; or
 (iii) by email; or
 (iv) by another kind of electronic communication specified in regulations made for the purposes of this subparagraph.
Note: Paragraphs 947B(2)(b) and 947C(2)(b) require a Statement of Advice to include information about the basis on which the advice is or was given, which may include the client's