Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 10.2.50

         (1)   This regulation applies if a person:

                (a)    is a regulated principal, or a representative of a regulated principal within the meaning of subsection 1436 (1) of the Act; and

               (b)    is also in the transition period in the capacity of:

                          (i)    a regulated principal; or

                         (ii)    a representative of a regulated principal; and

                (c)    is also a financial services licensee or an authorised representative of a financial services licensee.

         (2)   Paragraphs 942B (2) (c) and 942C (2) (d) of the Act are taken to require the person:

                (a)    to provide a statement, in addition to a Financial Services Guide, to the effect that the person is able to provide financial services as:

                          (i)    a regulated principal; or

                         (ii)    a representative of a regulated principal; and

               (b)    to include in the statement:

                          (i)    a brief description of the kinds of financial services provided in that capacity; and

                         (ii)    the name of each regulated principal (if any) on whose behalf the financial services are provided.

         (3)   For subregulation (2):

                (a)    section 940C of the Act is taken to apply in relation to the statement; and

               (b)    the following matters are also taken to apply in relation to the person:

                          (i)    any regulations or other instruments in force for section 940C;

                         (ii)    any interpretation provisions that apply for section 940C;

                        (iii)    any provisions relating to liability (civil or criminal) that apply for section 940C (whether or not they also apply or applied for other purposes);

                        (iv)    any provisions that limit, or that otherwise affect, the operation of section 940C (whether or not they also limit or limited, or affect or affected, the operation of other provisions); and

                (c)    for Part 7.7 of the Act, the statement:

                          (i)    is taken not to be a part of the Financial Services Guide; and

                         (ii)    is taken not to be a statement that the person is required to include in a Financial Services Guide.

         (4)   The person must not fail to give the statement in accordance with this regulation.

Penalty:   50 penalty units.