Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.7.09

Situations in which statement of advice is not required: further advice

             (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.



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