Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 921F

  (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.

Civil liability

  (8)   A person contravenes this subsection if the person contravenes subsection   (3), (4), (6) or (7).

Note 1:   Subsection   (8) is a restricted civil penalty provision (see sections   921Q and   1317E).

Note 2:   ASIC or a Financial Services and Credit Panel may take certain other action against a relevant provider who contravenes subsection   (3), (4), (6) or (7) (see Division   8B).