Commonwealth Consolidated Regulations

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Record of small investment advice--content requirements

             (1)  For subsection 946AA(4) of the Act, a record of advice to a client must set out:

                     (a)  the matters set out in subregulation (2); and

                     (b)  the information that, if a Statement of Advice were to be given, would be required in that statement by paragraphs 947B(2)(d) and (e) of the Act or paragraphs 947C(2)(e) and (f) of the Act.

             (2)  For paragraph (1)(a), the matters that the record of advice must set out are:

                     (a)  brief particulars of the recommendations made to the client and the basis on which the recommendations are made; and

                     (b)  brief particulars of the information that would be required by subsection 947D(2) of the Act if a Statement of Advice were given to the client; and

                     (c)  the statement that would be required by subsection 947D(3) of the Act if a Statement of Advice were given to the client.

Note:          A client is entitled to ask the providing entity for a record of advice and the providing entity must give a copy of the record of advice to the client--see paragraph 946AA(5)(a) of the Act.

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