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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES    View history reference

Division 8A - Professional standards for relevant providers    View history reference

Subdivision C - Provisional relevant providers    View history reference

SECTION 921F  REQUIREMENTS RELATING TO PROVISIONAL RELEVANT PROVIDERS  

 View history reference

921F(1)  

This section sets out the requirements in relation to a person who is a provisional relevant provider.

Meaning of supervisor

921F(2)  

A supervisor of a provisional relevant provider is an individual who:


(a) has supervisory responsibility for the provisional relevant provider; and


(b) is a relevant provider; and


(c) is not a provisional relevant provider; and


(d) is not a limited-service time-sharing adviser.

Role of supervisors

921F(3)  

A supervisor of a provisional relevant provider must ensure that appropriate supervision is provided to the provisional relevant provider.

921F(4)  

A supervisor of a provisional relevant provider must approve, in writing, any Statement of Advice provided by the provisional relevant provider to a retail client.

Personal advice provided by provisional relevant providers

921F(5)  

For the purposes of this Act, personal advice provided (whether orally or in writing) by a provisional relevant provider at a particular time to a retail client in relation to a relevant financial product is taken to have been provided to the client by each person who is, at that time, a supervisor of the provisional relevant provider (instead of by the provisional relevant provider).

Retail clients to be informed of certain matters

921F(6)  

A supervisor of a provisional relevant provider must ensure that a retail client is informed:


(a) of the name of each supervisor of the provisional relevant provider (even if the retail client has been informed of the name of each previous supervisor); and


(b) that the provisional relevant provider is undertaking work and training in accordance with subsection 921B(4); and


(c) that each supervisor is responsible for any personal advice provided by the provisional relevant provider to the client in relation to a relevant financial product.

Provisional relevant providers not to obstruct or hinder supervision

921F(7)  

A provisional relevant provider must not obstruct or hinder a supervisor of the provisional relevant provider in ensuring that appropriate supervision is provided to the provisional relevant provider.

Note: Under section 921U, the standards body may provide further for the purposes of this section.


 



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