Document ID: chunk:federal_register_of_legislation:C2012A00067:clause:1_968
Version: federal_register_of_legislation:C2012A00067
Segment Type: clause
Provision Reference: sch 1 cl 968
Character Range: 24538–25993

968  Notice to clients in transition period
 (1) A financial services licensee who lodges a notice with ASIC in accordance with subsection 967(1) must ensure that any person in relation to whom the licensee, or a person acting as a representative of the licensee, has an obligation or is subject to a prohibition under this Part during the transition period (the client) is given a notice that complies with this section.
 (2) The notice:
 (a) must be in writing; and
 (b) must be given to the client on or before the notice day for the client; and
 (c) must state that the obligations and prohibitions imposed under this Part begin to apply to the licensee, and any person acting as a representative of the licensee, on a day specified in the notice given to the client.
 (3) The day specified in the notice given to the client must be the same as the day specified in the notice lodged with ASIC in accordance with subsection 967(1).
 (4) The notice day for a person to whom the licensee, or a person acting as a representative of the licensee, is obliged to give a fee disclosure statement during the transition period is:
 (a) unless paragraph (b) applies—the disclosure day for the arrangement in relation to which the fee disclosure statement is to be given that falls within the transition period; and
 (b) if a fee disclosure statement is given before the end of a period of 30 days beginning on that disclosure day—the day on which it is given.