Australian Securities and Investments Commission Corporations (General Advice Warning) Instrument 2015/540 (Cth)

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   3

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

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

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

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

Part 2—Exemption  4

5    General advice warning: oral advice............................................................... 4

Part 3—Declaration  5

6    General advice warning: legislative drafting clarification............................... 5

Part 1—Preliminary

1        Name of legislative instrument

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

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.

Part 2—Exemption

5        General advice warning: oral advice

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 3—Declaration

6        General advice warning: legislative drafting clarification

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;”.