Licence conditions — general securities advice to investor or prospective investor
(1)
For subsection 786 (1) of the Act, a licence is subject to the condition
that, if the licensee givesgeneral securities advice, the licensee must
clearly warn a retail investor or prospective retail investor, at the time
when the licensee gives the advice, that:
(a)
in preparing the advice, the
licensee did not take into account the investment objectives, financial
situation and particular needs of any particular person; and
(b)
before making an investment decision on the basis of that advice, the
retail investor or prospective retail investor needs to consider, with or
without the assistance of a securities adviser, whether the advice is
appropriate in light of the particular investment needs, objectives and
financial circumstances of the retail investor or prospective retail investor.
(2)
If general securities advice is given in a document, the warnings
mentioned in paragraphs (1) (a) and (b) must be contained in that document.
(3)
In this regulation:
"general securities advice" has the same meaning as in subregulation 7.3.02B
(10).
"give" has the same meaning as in subregulation 7.3.02B (10).
"retail investor" has the meaning given by subregulation 7.3.02B (10).
Commonwealth Numbered Regulations