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.