Commonwealth Consolidated Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS REGULATIONS 2001 - REG 7.8.12A

Modification of section 989B of the Act

             (1)  For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 989B(3) were modified to read as follows:

           " (3)  The licensee must, with the statement and balance sheet, lodge with ASIC:

                     (a)  for a licensee who is a limited licensee for the whole of a financial year--a compliance certificate containing the information and matters required by the regulations; or

                     (b)  for a licensee who is a limited licensee for part of a financial year:

                              (i)  a compliance certificate containing the information and matters required by the regulations for the part of the financial year that the licensee was a limited licensee; and

                             (ii)  an auditor's reporting containing the information and matters required by the regulations for the part of the financial year that the licensee was not a limited licensee; or

                     (c)  for all other licensees--an auditor's report containing the information and matters required by the regulations.

Note:          Failure to comply with this subsection is an offence (see subsection 1311(1)).".

             (2)  For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if section 989B of the Act were modified by inserting after subsection 989B(3) the following subsection:

           " (4)  In this section:

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.

Example:    A financial services licensee may give a recommendation about term deposit products but must not make a specific recommendation that a person deposit their money into a term deposit product offered by a particular bank or building society.

limited financial service means the following financial services:

                     (a)  financial product advice on self-managed superannuation funds;

                     (b)  financial product advice on superannuation products in relation to a person's existing holding in a superannuation product but only to the extent required for:

                              (i)  making a recommendation that the person establish a self-managed superannuation fund; or

                             (ii)  providing advice to the person on contributions or pensions under a superannuation product;

                     (c)  class of product advice on the following:

                              (i)  superannuation products;

                             (ii)  securities;

                            (iii)  simple managed investment schemes;

                            (iv)  general insurance products;

                             (v)  life risk insurance products;

                            (vi)  basic deposit products;

                     (d)  arrange to deal in an interest in a self-managed superannuation fund.

Note 1:       See section 761A for the meaning of basic deposit product , financial product advice , general insurance product , life risk insurance product , self-managed superannuation fund and superannuation product .

Note 2:       Financial product advice on self-managed superannuation funds includes advice about acquiring or disposing of an interest in a self-managed superannuation fund.

limited licensee means a financial services licensee that:

                     (a)  does not deal with money to which Division 2 of Part 7.8 of the Act applies; and

                     (b)  is only licensed to provide one or more limited financial services.

simple managed investment scheme has the same meaning as in the regulations.".



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback