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.