Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.7.09

  (1)   For subsection   946B(3A) of the Act, a record of advice must set out:

  (a)   the following:

  (i)   the advice given to the client by the providing entity;

  (ii)   if information or a statement required by subsections   947D(2) and (3) is given--the information and statement; or

  (b)   the following:

  (i)   brief particulars of the recommendations made and the basis on which the recommendations are made;

  (ii)   if information under subsection   947D(2) is given--brief particulars of the information;

  (iii)   if a statement under subsection   947D(3) is given--an acknowledgement that the statement has been given.

  (2)   The providing entity may keep the record in any form, for example, a tape recording.

  (3)   The providing entity must keep the record for 7 years after the day on which the further advice is provided.