Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.48A

Obligation to give a Financial Services Guide for a custodial and depository service

             (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.



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