Australian Securities and Investments Commission Corporations Act — Paragraphs 951B(1)(a) and (c) — Exemption, Declaration and Variation
Enabling legislation
1. The Australian Securities and Investments Commission makes this instrument under paragraphs 951B(1)(a) and (c) of the Corporations Act 2001 (the Act).
Title
2. This instrument is ASIC Class Order [CO 05/1195].
Commencement
3. This instrument commences on the later of: (a) the date of its gazettal; and (b) the date it is registered under the Legislative Instruments Act 2003. Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register). The FRLI may be accessed at http://www.frli.gov.au/.
Exemption for providers of oral general advice
4. 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 where: (a) the advice is provided orally to a person (the client); and (b) at the time the advice is provided, the providing entity orally warns the client that: (i) the advice is general; and (ii) the advice may not be appropriate for the client. Declaration — operation of subsection 949A(4) 5. Part 7.7 of the Act applies in relation to a providing entity as if subsection 949A(4) in that Part were modified or varied by omitting “subsection (1)” (twice occurring) and substituting “subsection (2)”.
Variation of ASIC Class Order [CO 05/835]
6. ASIC Class Order [CO 05/835] is varied by, in paragraph 5 (introductory words) after “Act”, inserting “or a warning under subsection 949A(2) of the Act”.
Interpretation
7. In this instrument: authorised representative has the meaning given by section 761A of the Act. Dated this 29th day of November 2005 Signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission
