Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (Amendment) Instrument 2021/848.
2 Commencement
This instrument commences on the later of:
(a) 14 October 2021; and
(b) the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
3 Authority
This instrument is made under subsection 951B(1) of the Corporations Act 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268
1 Section 4
Insert:
client has the same meaning as in section 944A of the Act.
2 Section 5 (notional paragraph 946B(12)(d))
Omit “client.”, substitute:
client; and
(e) brief particulars of the information that would be required by paragraphs 947B(2)(d) and (e), or 947C(2)(e) and (f), if a Statement of Advice were to be given to the client.
3 After Part 2
Insert:
Part 2A—Exemption
5A Timing of giving a Statement of Advice—Urgent advice
(1) A providing entity does not have to comply with section 946C of the Act for the provision of particular advice (the COVID-19 advice) to the extent it requires the providing entity to give a client a Statement of Advice any earlier than 20 business days after providing the COVID-19 advice to the client if subsection (2) applies.
(2) This subsection applies where all of the following are satisfied:
(a) the providing entity reasonably considers that the COVID-19 advice sought by the client is required on an urgent basis because of the adverse economic effects of COVID‑19;
(b) the client expressly instructs the providing entity that they require the COVID-19 advice on an urgent basis because of the adverse economic effects of COVID-19;
(c) if the COVID-19 advice is or includes a recommendation to acquire a financial product and section 1019B of the Act may apply to the acquisition—the providing entity, at the time of providing the COVID-19 advice, gives the client in writing a statement:
(i) explaining the nature of the rights that the client may have under section 1019B of the Act if they acquire the product; and
(ii) indicating that the client may not receive a Statement of Advice in relation to the COVID-19 advice until after those rights have expired.
Condition
(3) The providing entity must take all reasonable steps to give the client a Statement of Advice in relation to the COVID-19 advice as soon as practicable after the COVID-19 advice is provided.
4 Section 6
Omit “15 October 2021”, substitute “15 April 2022”.