This instrument is ASIC Corporations (Financial Services Guides) Instrument 2015/541.

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.

3 Authority

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

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

intermediary authorisation has the same meaning as in paragraph 911A(2)(b) of the Act.

Part 2—Exemption

5 Financial Services Guides—secondary services

(1) This section applies in relation to a Financial Services Guide that a person must give in relation to the provision of a financial service to the extent the Financial Services Guide:

(a) must be given in the way required by section 940C of the Act; and

(b) must be given at the time required by subsection 941D(1) of the Act; and

(d) must not be combined with a Product Disclosure Statement in contravention of subsection 942DA(3) of the Act.

Expert reports

(2) A financial services licensee (the expert) or an authorised representative (the expert) of a financial services licensee that, acting in their capacity as an expert, provides general advice in a report or statement (the expert’s report) that is included in a document (the principal document) prepared by or on behalf of another person (the principal) does not have to comply with subsection 941A(1) or 941B(1) of the Act in relation to a Financial Services Guide that the expert must give in relation to the provision of the advice, provided all of the following are satisfied:

(a) the expert is neither:

(i) the person who prepared the principal document; or

(ii) an employee or a director of the principal;

(b) the expert’s report:

(i) forms a separate and clearly identifiable part of the principal document; and

(ii) bears an expression at or near the front of the report that makes it clear that it is both an expert’s report and a Financial Services Guide;

(d) the principal document prominently discloses the following information:

(i) the respective names of:

(A) the expert;

(B) the principal; and

Note: The person for whom, or on whose behalf, the expert’s report was prepared may or may not be the principal.

(ii) the nature of the relationship between the expert and:

(A) the principal; and

(B) the person for whom, or on whose behalf, the expert’s report was prepared;

(iii) the extent of the liability of the expert in relation to the principal document and the expert’s report.

Arrangers acting under intermediary authorisations

(3) A financial services licensee (the intermediary) or an authorised representative (the intermediary) of a financial services licensee that provides a financial service consisting of arranging for the issue of a financial product by a person (the product provider) under an intermediary authorisation does not have to comply with subsection 941A(1) or 941B(1) of the Act in relation to a Financial Services Guide that the intermediary must give in relation to the provision of the financial service, provided both of the following are satisfied:

(a) the Financial Services Guide:

(i) forms a separate and clearly identifiable part of the Product Disclosure Statement for the financial product; and

(ii) bears the expression “Financial Services Guide” at or near the front of the part of the Product Disclosure Statement that is the Financial Services Guide;

(b) the Financial Services Guide prominently discloses the following information:

(i) the respective names of:

(A) the intermediary;

(B) the product provider;

(C) where the intermediary is an authorised representative—the financial services licensee on whose behalf the intermediary acts in relation to the intermediary authorisation;

(ii) the nature of the relationship between the product provider and:

(A) the intermediary; and

(B) where the intermediary is an authorised representative—the financial services licensee on whose behalf the intermediary acts in relation to the intermediary authorisation.