Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Part, unless the contrary intention appears:
"basic banking product" has the meaning given by section 961F.
"body corporate licensee" means a body corporate that:
(a) is a financial services licensee; and
(b) is authorised to provide personal advice to retail clients in relation to relevant financial products.
"cancellation time" , in relation to a registration prohibition order, has the meaning given by subparagraph 921L(1)(c)(i).
"class of product advice" means financial product advice about a class of products, but does not include a recommendation about a specific product in the class.
"Code of Ethics" means the Code of Ethics in force under section 921E.
"consumer credit insurance" has the meaning given by section 11 of the Insurance Contracts Act 1984 .
"core obligation" has the meaning given by subsection 912D(3).
"CPD provision" (short for continuing professional development provision) means:
(a) subsection 921BA(4); or
(b) subsection 921BB(3).
"CPD year" (short for continuing professional development year): a financial services licensee's CPD year is the 12-month period beginning on the day of the year included in the most recent notice given by the licensee under section 922HA.
"education and training standards" has the meaning given by section 921B.
"Financial Services and Credit Panel" has the same meaning as in the ASIC Act.
"foreign qualification" means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.
"knowledge" , in Subdivisions B and C of Division 3 of this Part, has the meaning given by section 5.3 of the Criminal Code .
"limited-service time-sharing adviser" : a person is a limited-service time-sharing adviser if:
(a) the person is a relevant provider; and
(b) the only relevant financial product that the person provides advice in relation to is a time-sharing scheme; and
(c) the person has not met any one or more of the education and training standards in subsections 921B(2) to (4).
"notice provision" means section 922D, 922H, 922HA, 922HB, 922J or 922K.
"prohibition end day" , in relation to a registration prohibition order, has the meaning given by subparagraph 921L(1)(c)(ii).
"proposed action notice" has the meaning given by subsection 921P(1).
"provisional relevant provider" means a relevant provider who is undertaking work and training in accordance with subsection 921B(4).
Note: For rules relating to provisional relevant providers, see Subdivision C of Division 8A and section 923C.
"qualified tax relevant provider" : a person is a qualified tax relevant provider if:
(a) the person is a relevant provider; and
(b) if a determination is in force under subsection 921BB(1)--the person meets each requirement set out in the determination that is of a kind mentioned in any of paragraphs (a) to (d) of that subsection.
"recent advising history" has the meaning given by section 922G.
"recklessness" , in Subdivisions B and C of Division 3 of this Part, has the meaning given by section 5.4 of the Criminal Code .
"Reference Checking and Information Sharing Protocol" means the protocol determined by ASIC under subsection 912A(3A).
"Register of Relevant Providers" means the Register of Relevant Providers maintained under section 922Q.
"registration prohibition order" has the meaning given by paragraph 921L(1)(c).
"registration suspension order" has the meaning given by paragraph 921L(1)(b).
"relevant financial products" means financial products other than:
(a) basic banking products; or
(b) general insurance products; or
(c) consumer credit insurance; or
(d) a combination of any of those products.
"relevant provider" : a person is a relevant provider if the person:
(a) is an individual; and
(b) is:
(i) a financial services licensee; or
(ii) an authorised representative of a financial services licensee; or
(iii) an employee or director of a financial services licensee; or
(iv) an employee or director of a related body corporate of a financial services licensee; and
(c) is authorised to provide personal advice to retail clients, as the licensee or on behalf of the licensee, in relation to relevant financial products.
Note: For rules about when relevant providers can use the expressions "financial adviser" and "financial planner", see section 923C.
"reportable situation" has the meaning given by section 912D.
"representative" of a person means:
(a) if the person is a financial services licensee:
(i) an authorised representative of the licensee; or
(ii) an employee or director of the licensee; or
(iii) an employee or director of a related body corporate of the licensee; or
(iv) any other person acting on behalf of the licensee; or
(b) in any other case:
(i) an employee or director of the person; or
(ii) an employee or director of a related body corporate of the person; or
(iii) any other person acting on behalf of the person.
"response period" , for a proposed action notice, has the meaning given by paragraph 921P(2)(b).
"restricted civil penalty provision" has the meaning given by subsection 921Q(3).
"supervisor" of a provisional relevant provider has the meaning given by subsection 921F(2).
"suspension period" , in relation to a registration suspension order, has the meaning given by paragraph 921L(1)(b).
"tax (financial) advice service" has the same meaning as in the Tax Agent Services Act 2009 .
"Tax Practitioners Board" means the Tax Practitioners Board established by section 60-5 of the Tax Agent Services Act 2009 .