Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For section 1444 of the Act, sections 941A and 941B of the Act are taken not to require a person to give a Financial Services Guide to a client, in accordance with Division 2 of Part 7.7 of the Act, in relation to a financial service (the new financial service ), if:
(a) the new financial service constitutes:
(i) the provision of a custodial or depository service under section 766E of the Act; or
(ii) dealing in a financial product that is held on trust for or on behalf of the client as a necessary part of the custodial or depository service; or
(iii) issuing, to the client, a financial product that is a beneficial interest in a financial product held on trust for or on behalf of the client as a necessary part of the custodial or depository service; and
(b) the person entered into the arrangement under which the custodial or depository service is provided, before the FSR commencement; and
(c) the arrangement continued unaltered after the person became subject to Part 7.7 of the Act.
(2) For paragraph (1)(c), an arrangement is taken to continue unaltered if:
(a) the person holds, under the arrangement, financial products that are different financial products from those held under the arrangement before the person became subject to Part 7.7 of the Act; and
(b) none of the different financial products is held on instruction from the client.
(3) Subparagraph (1)(a)(ii) does not apply to dealing in
a financial product if the dealing consists of the issue of a financial
product to a person other than the client to whom the custodial or depository
service is provided.