ASIC Corporations (General Advice Warning) Instrument 2015/540
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
 
Date                18 August 2015
 
 
Grant Moodie
 
Contents
Part 1—Preliminary                                                                                                     3
1    Name of legislative instrument........................................................................ 3
2    Commencement............................................................................................... 3
3    Authority......................................................................................................... 3
4    Definitions....................................................................................................... 3
Part 2—Exemption                                                                                                       4
5    General advice warning: oral advice............................................................... 4
Part 3—Declaration                                                                                                      5
6    General advice warning: legislative drafting clarification............................... 5
 
Part 1—Preliminary
1        Name of legislative instrument
This instrument is ASIC Corporations (General Advice Warning) Instrument 2015/540.
2        Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.
Note:    The register may be accessed at www.comlaw.gov.au.
3        Authority
This instrument is made under section 951B of the Corporations Act 2001.
4        Definitions
In this instrument:
Act means the Corporations Act 2001.
Part 2—Exemption
5        General advice warning: oral advice
A financial services licensee (the providing entity) and an authorised representative (the providing entity) of a financial services licensee do not have to comply with subsection 949A(2) of the Act in relation to the provision of general advice orally to a person (the client) as a retail client provided, at the time of providing the advice, the providing entity orally warns the client that:
(a)     the advice is general advice; and
(b)     the advice may not be appropriate for the client.
Part 3—Declaration
6        General advice warning: legislative drafting clarification
Part 7.7 of the Act applies in relation to all persons as if subsection 949A(4) were modified or varied as follows:
(a)     omit “subsection (1)” (twice occurring), substituting “subsection (2)”;
(b)     in paragraph (a) omit “personal advice;”, substitute “general advice;”.