
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
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.