In this Division:
FSR principal means a person to whom an Australian financial services licence has been granted.
non-FSR principal means any person who provides financial services as a principal, and who is not an FSR principal during the transitional period, including the following persons:
(a) an insurer to which paragraph 1436A(2)(d) of the Act applies (in relation to activities and insurance agents to which section 1436A of the Act applies);
(b) a regulated principal (in relation to regulated activities to which section 1431 of the Act applies).
principal means an FSR principal or a non-FSR principal.
representative means a person who:
(a) provides financial services on behalf of a principal; or
(b) otherwise acts on behalf of a principal;
under the relevant old legislation, the amended Corporations Act or under any other authority.
responsible person means any person who is liable, as a principal or a representative, for conduct in relation to the provision of a financial service under any law.
transition period means:
(a) the period of 2 years after the FSR commencement; or
(b) if the person is subject to an exemption under section 1437 of the Act in respect of an activity, the period starting at the FSR commencement and ending on the earlier of:
(i) the person becoming regulated under the amended Corporations Act in respect of the activity; and
(ii) the end of the period of the exemption in respect of the activity.