A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.7 - FINANCIAL SERVICES DISCLOSURE    View history reference

Division 3 - Additional requirements for personal advice provided to a retail client    View history reference

Subdivision C - Requirement for a Statement of Advice to be given    View history reference

SECTION 946C  TIMING OF GIVING STATEMENT OF ADVICE  

 View history reference

946C(1)  General rule.  


Subject to this section, if the Statement of Advice is not the means by which the advice is provided, the Statement of Advice must be given to the client when, or as soon as practicable after, the advice is provided and, in any event, before the providing entity provides the client with any further financial service that arises out of or is connected with that advice.

946C(2)  Statement of certain information if Statement of Advice not given when advice provided.  


If the Statement of Advice is not given to the client when the advice is provided, the providing entity must, when the advice is provided, give the client a statement that contains the information that would be required to be in a Statement of Advice by paragraphs 947B(2)(d) and (e), or 947C(2)(e) and (f), as the case requires, and by section 947D, if applicable.

946C(3)  Time critical cases.  


If:


(a) the client expressly instructs that they require a further financial service that arises out of, or is connected with, the advice to be provided immediately, or by a specified time; and


(b) it is not reasonably practicable to give the Statement of Advice to the client before that further service is provided as so instructed;

the providing entity must give the client the Statement of Advice:


(c) unless paragraph (d) applies - within 5 days after providing that further service, or sooner if practicable; or


(d) if that further service is the provision to the person of a financial product and section 1019B (cooling-off period) will apply to the acquisition of the product by the person - before the start of the period applicable under subsection 1019B(3), or sooner if practicable.

[CCH Note: For modified s 946C(3)(c), see Corporations Regulations reg 7.7.10AH - Business days.]


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page