Financial Advisers Act(CHAPTER 110)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
3 Associated person
4 Interest in securities
5 Amendment of Schedules
Part II FINANCIAL ADVISERS AND REPRESENTATIVES
Division 1 Financial Advisers
6 Need for financial adviser’s licence
7 (Repealed)
8 Application for grant of financial adviser’s licence
9 Grounds for refusal to grant financial adviser’s licence
10 Failure to maintain minimum financial requirements or professional indemnity insurance policy
11 (Repealed)
12 (Repealed)
13 Grant of financial adviser’s licence
14 Licence fees
15 (Repealed)
16 Variation of financial adviser’s licence
17 False statements in relation to application for grant or variation of financial adviser’s licence
18 Notification of change in particulars
19 Lapsing, revocation and suspension of financial adviser’s licence
20 Right of appeal
21 Use of words "financial adviser" or "life insurance broker"
22 Holding out as financial adviser
23 Exempt financial advisers and their representatives
23A Annual fees payable by exempt financial advisers and certain representatives
Division 2 Representatives
23B Acting as representative
23C Appointed representative
23D Provisional representative
23E Offences
23F Lodgment of documents
23G Representative to act for only one principal
23H Lodgment and annual fees
23I Additional financial advisory service
23J Power of Authority to refuse entry or revoke or suspend status of appointed or provisional representative
23K Power of Authority to impose conditions or restrictions
23L False statements in relation to notification of appointed or provisional representative
23M Appeals
Part III CONDUCT OF BUSINESS
Division 1 General
24 (Repealed)
25 Obligation to disclose product information to clients
26 Statements by licensed financial advisers
27 Recommendations by licensed financial advisers
28 Receipt of client’s money or property
29 Obligation to furnish information to Authority
30 Saving for validity of transactions
Division 2 Life Insurance
31 Application of this Division
32 Insurance broking premium accounts
33 Negotiation and placement of risk with unregistered insurer
34 Representations by licensed financial advisers
Division 3 Securities
35 Application of this Division
36 Licensed financial adviser to disclose certain interests in securities
Division 4 Appointed and Provisional Representatives
37 Business conduct requirements for appointed and provisional representatives
38 (Repealed)
39 (Repealed)
40 (Repealed)
41 (Repealed)
42 (Repealed)
43 (Repealed)
44 (Repealed)
Part IV ACCOUNTS AND AUDIT
Division 1 Accounts
45 Accounts to be kept by licensed financial advisers
46 Duty of licensed financial advisor to furnish Authority with returns, records and information
Division 2 Audit
47 Appointment of auditors
48 Lodgment of annual accounts, etc., by licensed financial adviser
49 Reports by auditor to Authority in certain cases
50 Power of Authority to appoint auditor
51 Powers of auditor appointed by Authority
52 Restriction on auditor’s and employee’s right to communicate certain matters
53 Defamation
54 Offence to destroy, conceal, alter, etc., records
55 Safeguarding of records by licensed financial adviser
Part V POWERS OF AUTHORITY
56 Approval of chief executive officer and director of licensed financial adviser
57 Removal of officer of licensed financial adviser
57A Control of take-over of licensed financial adviser
57B Objection to control of licensed financial adviser
58 Power of Authority to issue written directions
59 Power of Authority to make prohibition orders
60 Effect of prohibition orders
61 Variation or revocation of prohibition orders
62 Date and effect of prohibition orders
63 Records to be kept by Authority
63A Records and public register of representatives
64 Codes, guidelines, etc., by Authority
65 Appointment of assistants
66 General provisions as to winding up
67 Power of Authority to publish information
Part VI SUPERVISION AND INVESTIGATION
68 Self-incrimination
69 Savings for advocates and solicitors
Division 2 Inspection Powers of Authority
70 Inspection by Authority
70A Confidentiality of inspection reports
Division 3 Investigative Powers of Authority
71 Investigation by Authority
71A Confidentiality of investigation reports
72 Power to order production of books
73 Application for warrant to seize books not produced
74 Powers where books are produced or seized
75 Powers where books not produced
76 Offences under this Division
Part VII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
77 Interpretation of this Part
78 Conditions for provision of assistance
79 Other factors to consider for provision of assistance
80 Assistance that may be rendered
81 Offences under this Part
82 Immunity from criminal or civil liability
Part VIII OFFENCES
83 Corporate offenders and unincorporated associations
84 Offence by officers
85 Falsification of records by officers, etc.
86 Duty not to furnish false information to Authority
87 General penalty
88 Penalty for corporations
89 Composition of offences
90 Territorial scope of Act
Part IX APPEALS
91 Appeals to Minister
92 Appeal Advisory Committees
93 Disclosure of information
94 Regulations for purposes of this Part
Part X MISCELLANEOUS
95 Criminal jurisdiction of District Court
96 Opportunity to be heard
97 Power to reprimand for misconduct
98 Power of court to make certain orders
99 (Repealed)
100 General exemption
101 Service of documents, etc.
102 Copies or extracts of books to be admitted in evidence
102A Translations of instruments
103 Power to make regulations giving effect to treaty, etc.
104 Regulations
104A Regulations to apply Act to persons previously regulated under Commodity Trading Act
105 Transitional and savings provisions
FIRST SCHEDULE Excluded Financial Advisers
SECOND SCHEDULE Types of Financial Advisory Service
THIRD SCHEDULE Specified Provisions
Legislative Source Key
Legislative History
Comparative Table