When must an FSG be provided?
If you give financial product advice to retail clients, you must provide a Financial Services Guide (FSG). The FSG is designed to provide clients with enough information to decide whether to obtain financial advice (or any other financial service) from you.
Which legislation regulates corporations in Australia?
The Corporations Act
The Corporations Act, and regulations made under the Corporations Act, are the core of regulation of companies in Australia.
Who regulates the Corporations Act 2001?
ASIC
Overview of ASIC. 3.2 ASIC has general administration of the Corporations Act 2001, the principal legislation governing the affairs of companies in Australia.
What are financial services laws?
In general usage, the “financial services laws”, sometimes referred to as the “applicable laws” or the “relevant laws” are a broad range of interrelated laws including the Corporations Act (including, for example The Professional Standards Act ), the Australian Securities and Investments Commission Act, the Anti-Money …
What does the FSG include?
A guide that contains information about the entity providing you with financial advice. It should explain the financial service offered, the fees charged and how the person or company providing the service will deal with complaints.
Is FSG required for general advice?
Under Pt 7.7 of the Corporations Act, providing entities that provide financial product advice to retail clients must prepare and provide a Financial Services Guide (FSG), give a general advice warning when giving general advice, and prepare and provide a Statement of Advice (SOA) when giving personal advice.
What is the Corporations Act 2001?
An Act to make provision in relation to corporations, securities, the futures industry and financial products and services, and for other purposes This Act may be cited as the Corporations Act 2001. This Act commences on a day to be fixed by Proclamation.
What is the Australian Corporations Act?
The Act is the primary basis of Australian corporations law . The Corporate Law Economic Reform Program Act 2004 simplified the statute, which, at 3,354 pages, dwarfs those of other nations such as Sweden, whose corporations statute is less than 200 pages long. The Corporations Act is the principal legislation regulating companies in Australia.
What is the purpose of the Companies Act?
Table of contents. An Act to make provision in relation to corporations, securities, the futures industry and financial products and services, and for other purposes 1………… Short title ……………………………………………………………………………….. 1
What is the Corporations Act without limiting subsection (1)?
(1) The Corporations legislation is not intended to exclude or limit the concurrent operation of any law of a State or Territory. (2) Without limiting subsection (1), the Corporations legislation is not intended to exclude or limit the concurrent operation of a law of a State or Territory that: