Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.7A.11AA

  (1)   This regulation is made for the purposes of section   962X of the Act.

  (2)   A fee recipient must keep the following records in relation to an ongoing fee arrangement the fee recipient has with the client:

  (a)   each fee disclosure statement the fee recipient has given to the client;

  (b)   the date on which each such fee disclosure statement was given to the client, and the manner in which it was given;

  (c)   if the client gives any of the following notifications to the fee recipient--the notification and the date on which the notification was given:

  (i)   a notification of an election to renew the ongoing fee arrangement;

  (ii)   a notification of an election not to renew the ongoing fee arrangement;

  (iii)   a notification terminating the ongoing fee arrangement;

  (d)   if the ongoing fee arrangement has terminated--the date on which the arrangement terminated and the basis on which the arrangement terminated.

  (3)   A fee recipient must also keep the following records in relation to an ongoing fee arrangement:

  (a)   each consent for deductions relating to the ongoing fee arrangement given to the fee recipient for the purposes of section   962R or 962S of the Act;

  (b)   the date on which each such consent was given;

  (c)   each notice given to the fee recipient under subsection   962U(1) of the Act withdrawing or varying such consent;

  (d)   the date on which each such notice was given;

  (e)   each confirmation of receipt of such notice given by the fee recipient under subsection   962U(2) of the Act;

  (f)   each of the following communications in relation to the consent referred to in paragraph   (a), and the date on which the communication occurred:

  (i)   giving a copy of the consent as required under paragraph   962S(3)(c) of the Act;

  (ii)   giving a copy of a notice withdrawing or varying the consent as required under paragraph   962U(2)(b) of the Act;

  (iii)   giving written notice of the cessation of the consent under subsection   962V(2) of the Act;

  (g)   if the fee recipient arranges with another person (the account provider ) for deductions relating to the ongoing fee arrangement to be made, as referred to in paragraph   962S(1)(d) of the Act--the details of the arrangement with the account provider.