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ASIC Corporations (General Advice Warning) Instrument 2015/540

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date  18 August 2015

 

 

Grant Moodie

 

Contents

Part 1—Preliminary 

1 Name of legislative instrument.....................................

2 Commencement................................................

3 Authority.....................................................

4 Definitions....................................................

Part 2—Exemption 

5 General advice warning: oral advice................................

Part 3—Declaration 

6 General advice warning: legislative drafting clarification................

 

This instrument is ASIC Corporations (General Advice Warning) Instrument 2015/540.

This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.

Note: The register may be accessed at www.comlaw.gov.au.

This instrument is made under section 951B of the Corporations Act 2001.

In this instrument:

Act means the Corporations Act 2001.

A financial services licensee (the providing entity) and an authorised representative (the providing entity) of a financial services licensee do not have to comply with subsection 949A(2) of the Act in relation to the provision of general advice orally to a person (the client) as a retail client provided, at the time of providing the advice, the providing entity orally warns the client that:

(a) the advice is general advice; and

(b) the advice may not be appropriate for the client.

Part 7.7 of the Act applies in relation to all persons as if subsection 949A(4) were modified or varied as follows:

(a) omit “subsection (1)” (twice occurring), substituting “subsection (2)”;

(b) in paragraph (a) omit “personal advice;”, substitute “general advice;”.