Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p14
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 14/39)
Character Range: 1137935–1140776

services licensee had entered the transaction with the non‑licensee as agent and not on its own behalf.
 (4) For subregulation (3):
 (a) an authorisation given to the financial services licensee by the non‑licensee:
 (i) may be given orally, or in writing, by the non‑licensee; and
 (ii) is effective until it is revoked, either orally or in writing, by the non‑licensee; and
 (b) if the non‑licensee gives an oral authorisation to the financial services licensee, or revokes an authorisation orally, the financial services licensee must:
 (i) make a written record of the authorisation or revocation; and
 (ii) provide a copy of the written record to the non‑licensee within 10 business days after the day on which the authorisation is given or revoked; and
 (c) a disclosure of the amount of the brokerage, commission or fee, or the basis on which it will be calculated must be given by the financial services licensee to the non‑licensee:
 (i) in writing: and
 (ii) if the transaction is an on‑market transaction—in relation to the particular transaction, a class of on‑market transactions that includes the transaction, or all on‑market transactions.
 (5) For subsection 991E(7) of the Act, a financial services licensee must:
 (a) keep records of the following matters relating to each financial products transaction entered into by the financial services licensee on the financial service licensee's own behalf:
 (i) a description of the financial products transaction;
 (ii) the date and time of receipt of the instructions for the financial products transaction;
 (iii) the date and time of transmission of the instructions to the licensed market concerned;
 (iv) the date and time of execution of the instructions;
 (v) the source of the funds, or financial products, used to effect the financial products transaction; and
 (b) keep the records in a manner that makes the records identifiable separately from records of the financial services licensee.
Note: Other requirements for record‑keeping are in Division 6 of Part 7.8 of the Act.

7.8.20A  Dealings involving employees of financial service licensees—risk insurance products
  For subsection 991F(1) of the Act, a financial services licensee and one or more employees of the financial services licensee may, on their own behalves, jointly acquire a financial product if it is a risk insurance product.

7.8.21  Dealings involving employees of financial services licensees
 (1) For subsection 991F(2) of the Act, that subsection does not have effect in relation to:
 (a) a bank; or
 (b) a body corporate that gives credit in good faith to a person (not being a director of the body corporate) employed by the body corporate, or by another body corporate that is related to the first body corporate, to enable the person to acquire financial products that are:
 (i) fully paid