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CORPORATIONS ACT 2001 - SECT 921F

Requirements relating to provisional relevant providers

             (1)  This section sets out the requirements in relation to a person who is a provisional relevant provider.

Meaning of supervisor

             (2)  A supervisor of a provisional relevant provider is an individual who:

                     (a)  has supervisory responsibility for the provisional relevant provider; and

                     (b)  is a relevant provider; and

                     (c)  is not a provisional relevant provider; and

                     (d)  is not a limited-service time-sharing adviser.

Role of supervisors

             (3)  A supervisor of a provisional relevant provider must ensure that appropriate supervision is provided to the provisional relevant provider.

             (4)  A supervisor of a provisional relevant provider must approve, in writing, any Statement of Advice provided by the provisional relevant provider to a retail client.

Personal advice provided by provisional relevant providers

             (5)  For the purposes of this Act, personal advice provided (whether orally or in writing) by a provisional relevant provider at a particular time to a retail client in relation to a relevant financial product is taken to have been provided to the client by each person who is, at that time, a supervisor of the provisional relevant provider (instead of by the provisional relevant provider).

Retail clients to be informed of certain matters

             (6)  A supervisor of a provisional relevant provider must ensure that a retail client is informed:

                     (a)  of the name of each supervisor of the provisional relevant provider (even if the retail client has been informed of the name of each previous supervisor); and

                     (b)  that the provisional relevant provider is undertaking work and training in accordance with subsection 921B(4); and

                     (c)  that each supervisor is responsible for any personal advice provided by the provisional relevant provider to the client in relation to a relevant financial product.

Provisional relevant providers not to obstruct or hinder supervision

             (7)  A provisional relevant provider must not obstruct or hinder a supervisor of the provisional relevant provider in ensuring that appropriate supervision is provided to the provisional relevant provider.

Note:          Under section 921U, the standards body may provide further for the purposes of this section.



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