Commonwealth Consolidated Acts

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Financial services licensees to ensure compliance scheme covers relevant providers

             (1)  A financial services licensee must ensure that a compliance scheme covers:

                     (a)  if the licensee is a relevant provider--the licensee; and

                     (b)  in any case--any relevant provider authorised to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products.

Note:          For when a compliance scheme covers a relevant provider, see section 921J.

             (2)  A compliance scheme must cover a relevant provider within 30 business days of the following:

                     (a)  the day the person becomes a relevant provider;

                     (b)  if the relevant provider was previously covered by only one compliance scheme that has ceased to cover the relevant provider--the day that scheme ceased to cover the relevant provider.

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