Section 921F — Corporations Act 2001: Requirements relating to provisional relevant providers

(1) This section sets out the requirements in relation to a person who is a provisional relevant provider. Meaning of supervisor (2) A supervisor of a provisional relevant provider is an individual who: (a) has supervisory responsibility for the provisional relevant provider; and (b) is a relevant provider; and (c) is not a provisional relevant provider; and (d) is not a limited-service time-sharing adviser. Role of supervisors (3) A supervisor of a provisional relevant provider must ensure that appropriate supervision is provided to the provisional relevant provider. (4) A supervisor of a provisional relevant provider must approve, in writing, any Statement of Advice provided by the provisional relevant provider to a retail client. Personal advice provided by provisional relevant providers (5) For the purposes of this Act, personal advice provided (whether orally or in writing) by a provisional relevant provider at a particular time to a retail client in relation to a relevant financial product is taken to have been provided to the client by each person who is, at that time, a supervisor of the provisional relevant provider (instead of by the provisional relevant provider). Retail clients to be informed of certain matters (6) A supervisor of a provisional relevant provider must ensure that a retail client is informed: (a) of the name of each supervisor of the provisional relevant provider (even if the retail client has been informed of the name of each previous supervisor); and (b) that the provisional relevant provider is undertaking work and training in accordance with subsection 921B(4); and (c) that each supervisor is responsible for any personal advice provided by the provisional relevant provider to the client in relation to a relevant financial product. Provisional relevant providers not to obstruct or hinder supervision (7) A provisional relevant provider must not obstruct or hinder a supervisor of the provisional relevant provider in ensuring that appropriate supervision is provided to the provisional relevant provider. Civil liability (8) A person contravenes this subsection if the person contravenes subsection (3), (4), (6) or (7). Note 1: Subsection (8) is a restricted civil penalty provision (see sections 921Q and 1317E). Note 2: ASIC or a Financial Services and Credit Panel may take certain other action against a relevant provider who contravenes subsection (3), (4), (6) or (7) (see Division 8B).