CORPORATIONS REGULATIONS 2001 - REG 10.2.50 Content of Financial Services Guide for an authorised representative that is a regulated principal or a representative of a regulated principal

CORPORATIONS REGULATIONS 2001 - REG 10.2.50

  (1)   This regulation applies if a person:

  (a)   is a regulated principal, or a representative of a regulated principal within the meaning of subsection   1436(1) of the Act; and

  (b)   is also in the transition period in the capacity of:

  (i)   a regulated principal; or

  (ii)   a representative of a regulated principal; and

  (c)   is also a financial services licensee or an authorised representative of a financial services licensee.

  (2)   Paragraphs 942B(2)(c) and 942C(2)(d) of the Act are taken to require the person:

  (a)   to provide a statement, in addition to a Financial Services Guide, to the effect that the person is able to provide financial services as:

  (i)   a regulated principal; or

  (ii)   a representative of a regulated principal; and

  (b)   to include in the statement:

  (i)   a brief description of the kinds of financial services provided in that capacity; and

  (ii)   the name of each regulated principal (if any) on whose behalf the financial services are provided.

  (3)   For subregulation   (2):

  (a)   section   940C of the Act is taken to apply in relation to the statement; and

  (b)   the following matters are also taken to apply in relation to the person:

  (i)   any regulations or other instruments in force for section   940C;

  (ii)   any interpretation provisions that apply for section   940C;

  (iii)   any provisions relating to liability (civil or criminal) that apply for section   940C (whether or not they also apply or applied for other purposes);

  (iv)   any provisions that limit, or that otherwise affect, the operation of section   940C (whether or not they also limit or limited, or affect or affected, the operation of other provisions); and

  (c)   for Part   7.7 of the Act, the statement:

  (i)   is taken not to be a part of the Financial Services Guide; and

  (ii)   is taken not to be a statement that the person is required to include in a Financial Services Guide.

  (4)   The person must not fail to give the statement in accordance with this regulation.

Penalty:

  (a)   for an individual--50 penalty units; and

  (b)   for a body corporate--500 penalty units.