Course Overview - REGULATORY GUIDE 175 Licensing: Financial...

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REGULATORY GUIDE 175 Licensing: Financial product advisers—Conduct and disclosure May 2009 About this guide This is a guide for persons who provide financial product advice and their professional advisers (such as lawyers). This guide considers how certain conduct and disclosure obligations in Pt 7.7 of the Corporations Act 2001 apply to the provision of financial product advice to retail clients.
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REGULATORY GUIDE 175: Licensing: Financial product advisers—Conduct and disclosure In administering legislation ASIC issues the following types of regulatory documents. Consultation papers : seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides : give guidance to regulated entities by: y explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act) y explaining how ASIC interprets the law y describing the principles underlying ASIC’s approach y giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets : provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports : describe ASIC compliance or relief activity or the results of a research project. Document history This version was issued on 22 May 2009 and is based on legislation and regulations as at 22 May 2009. Previous versions: y Superseded Policy Statement 175C, issued 28 May 2007 y Superseded Policy Statement 175B, issued 13 May 2005 y Superseded Policy Statement 175A, issued 26 June 2003, updated 23 September 2003. Disclaimer This guide does not constitute legal advice. We encourage you to seek your own professional advice to find out how the Corporations Act and other applicable laws apply to you, as it is your responsibility to determine your obligations. Examples in this guide are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements. © Australian Securities and Investments Commission May 2009 Page 2
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REGULATORY GUIDE 175: Licensing: Financial product advisers—Conduct and disclosure Contents A Overview. ................................................................................................ 4 Conduct and disclosure obligations under Pt 7.7 . ................................... 4 The obligation to prepare and provide an FSG . ...................................... 5 Other obligations relating to the provision of general advice. .................. 6 Other obligations relating to the provision of personal advice. ................ 7 ASIC’s monitoring of the provision of advice. .......................................... 7 B Providing financial product advice. ..................................................... 8 What is ‘financial product advice’? . ......................................................... 8 What obligations apply to the provision of financial product advice? . ..... 9 Who is the ‘providing entity’. .................................................................... 9 Who is a ‘retail client’?. .......................................................................... 10 What is the difference between general advice and personal advice? .11 The general advice warning . ................................................................. 13 Other obligations that apply to the provision of financial product advice. .................................................................................................... 15 C Preparing and providing a Financial Services Guide . ..................... 18 The obligation to prepare and provide an FSG . .................................... 18 When must an FSG be provided? .
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This note was uploaded on 01/25/2012 for the course FINS 5510 taught by Professor Kingsleyfong during the Three '11 term at University of New South Wales.

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Course Overview - REGULATORY GUIDE 175 Licensing: Financial...

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