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Amendment of section 30 of Act of 1995 (Issue of receipts).
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27.—Section 30 of the Act of 1995 is hereby amended by the substitution of the following for that section:
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“30.—(1) Without prejudice to any codes of conduct which may be issued or approved of by a supervisory authority under section 37 of this Act, an investment product intermediary shall issue a receipt for each non-negotiable or negotiable instrument or other payment received for the purposes of transmitting an order or a deposit to a product producer and the receipt shall state succinctly the terms and conditions upon which a transaction was entered into.
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(2) The receipt issued under subsection (1) of this section shall state that it is issued pursuant to this section and shall, subject to such alterations or additions as may be prescribed under subsection (3) of this section, specify the following:
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(a) the name and address of the investment product intermediary;
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(b) the name and address of the person furnishing the instrument or payment, or an alternative form of identification approved by the supervisory authority for the purpose;
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(c) the value of the instrument or payment received from the person furnishing it and the date on which it was received;
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(d) the purpose of the payment;
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(e) the name of the product producer in whose favour the payment is made;
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(f) in the case of an insurance intermediary, that the acceptance by the insurance intermediary of a completed insurance proposal does not itself constitute the effecting of a policy of insurance.
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(3) The supervisory authority may prescribe any alterations or additions to the matters to be specified in documents to be issued by investment product intermediaries under this section.
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(4) An investment product intermediary shall retain a record of a receipt issued under subsection (1) of this section until the expiry of 6 years after the receipt was issued.
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(5) An investment product intermediary which fails to issue a receipt in accordance with this section shall be guilty of an offence.
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(6) For the purposes of this section, a document purporting to be a document to which subsection (2) of this section applies shall, without further proof, be evidence of the matters specified in it unless the contrary is shown.
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(7) In this section, ‘investment product intermediary’ includes a credit institution acting as such an intermediary.”.
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