Australian Securities and Investments Commission Corporations (Financial Services Guides) Instrument 2015/541 (Cth)

ASIC Corporations (Financial Services Guides) Instrument 2015/541

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   3

1    Name of legislative instrument........................................................................ 3

2    Commencement............................................................................................... 3

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

4    Definitions....................................................................................................... 3

Part 2—Exemption  4

5    Financial Services Guides—secondary services.............................................. 4

Part 1—Preliminary

1        Name of legislative instrument

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

2        Commencement

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

Note:    The register may be accessed at 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

(c) must have a title in accordance with subsection 942A(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;

(c)     the Financial Services Guide forms a separate and clearly identifiable part of the expert’s report;

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

(i)      the respective names of:

(A)    the expert;

(B)    the principal; and

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

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.