ASIC Corporations (Financial Services Guides) Instrument 2015/541
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    Financial Services Guides—secondary services.............................................. 4
 
Part 1—Preliminary
1        Name of legislative instrument
This instrument is ASIC Corporations (Financial Services Guides) Instrument 2015/541.
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.
intermediary authorisation has the same meaning as in paragraph 911A(2)(b) of the Act.
Part 2—Exemption
5        Financial Services Guides—secondary services
(1)     This section applies in relation to a Financial Services Guide that a person must give in relation to the provision of a financial service to the extent the Financial Services Guide:
(a)     must be given in the way required by section 940C of the Act; and
(b)     must be given at the time required by subsection 941D(1) of the Act; and
(c)     must have a title in accordance with subsection 942A(1) of the Act; and
(d)     must not be combined with a Product Disclosure Statement in contravention of subsection 942DA(3) of the Act.
Expert reports
(2)     A financial services licensee (the expert) or an authorised representative (the expert) of a financial services licensee that, acting in their capacity as an expert, provides general advice in a report or statement (the expert’s report) that is included in a document (the principal document) prepared by or on behalf of another person (the principal) does not have to comply with subsection 941A(1) or 941B(1) of the Act in relation to a Financial Services Guide that the expert must give in relation to the provision of the advice, provided all of the following are satisfied:
(a)     the expert is neither:
(i)      the person who prepared the principal document; or
(ii)     an employee or a director of the principal;
(b)     the expert’s report:
(i)      forms a separate and clearly identifiable part of the principal document; and
(ii)     bears an expression at or near the front of the report that makes it clear that it is both an expert’s report and a Financial Services Guide;
(c)     the Financial Services Guide forms a separate and clearly identifiable part of the expert’s report;
 
(d)     the principal document prominently discloses the following information:
(i)      the respective names of:
(A)    the expert;
(B)    the principal; and
(C)    the person for whom, or on whose behalf, the expert’s report was prepared;
Note:    The person for whom, or on whose behalf, the expert’s report was prepared may or may not be the principal.
(ii)     the nature of the relationship between the expert and:
(A)    the principal; and
(B)    the person for whom, or on whose behalf, the expert’s report was prepared;
(iii)    the extent of the liability of the expert in relation to the principal document and the expert’s report.
Arrangers acting under intermediary authorisations
(3)     A financial services licensee (the intermediary) or an authorised representative (the intermediary) of a financial services licensee that provides a financial service consisting of arranging for the issue of a financial product by a person (the product provider) under an intermediary authorisation does not have to comply with subsection 941A(1) or 941B(1) of the Act in relation to a Financial Services Guide that the intermediary must give in relation to the provision of the financial service, provided both of the following are satisfied:
(a)     the Financial Services Guide:
(i)      forms a separate and clearly identifiable part of the Product Disclosure Statement for the financial product; and
(ii)     bears the expression “Financial Services Guide” at or near the front of the part of the Product Disclosure Statement that is the Financial Services Guide;
(b)     the Financial Services Guide prominently discloses the following information:
(i)      the respective names of:
(A)    the intermediary;
(B)    the product provider;
(C)    where the intermediary is an authorised representative—the financial services licensee on whose behalf the intermediary acts in relation to the intermediary authorisation;
(ii)     the nature of the relationship between the product provider and:
(A)    the intermediary; and
(B)    where the intermediary is an authorised representative—the financial services licensee on whose behalf the intermediary acts in relation to the intermediary authorisation.