(1) For paragraph 951C(1)(c) of the Act, section 941C of the Act is modified by inserting after subsection 941C(1) the following subsection:
"(1A) The providing entity does not have to give the client a Financial Services Guide if the client has already received the documents referred to in paragraphs (7A)( b) and (c) , in the circumstances set out in that subsection, that together contain all of the information that the new Financial Services Guide is required to contain."
(2) For paragraph 951C(1)(c) of the Act, section 941C of the Act is modified by inserting after subsection 941C(7) the following subsections:
"(7A) The providing entity does not have to give the client a Financial Services Guide in the following circumstances:
(a) if the providing entity will, or is likely to, provide a financial service to the client in a recommendation situation (see section 1012A), an issue situation (see section 1012B) or a sale situation (see section 1012C);
(b) the providing entity gives to the client a Product Disclosure Statement;
(c) the providing entity gives to the client a statement that:
(i) contains so much of the information required by section 942B or 942C (as the case may be), and any regulations made for the purposes of the appropriate section, as is not already set out in the Product Disclosure Statement; and
(ii) complies with the requirements set out in subsection (7B);
(d) the statements mentioned in paragraphs ( b) and (c) are given at the same time.
(7B) The statement referred to in paragraph (7A)(c) must:
(a) be up to date as at the time it is given to the client; and
(b) may contain information apart from that referred to in subparagraph (7A)(c)(i); and
(c) meet the requirements of subsections 942B(3) and (6A) or subsections 942C(3) and (6A) (as the case may be)."