(1) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 990B(1) of the Act were modified by:
(a) omitting "must, within 1 month after beginning to hold the licence," and substituting "who is not a limited licensee must"; and
(b) omitting "(4) and (5)" and substituting "(4), (5) and (5A)".
(2) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if section 990B of the Act were modified by inserting after subsection 990B(5) the following subsection:
"(5A) The licensee must appoint an auditor or auditors within:
(a) if the licensee was a limited licensee--one month after the licensee ceased to be a limited licensee; or
(b) for all other licensees--one month after beginning to hold the licence.".
(3) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 990B(9) of the Act were modified to read as follows:
"(9) 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 services" 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;
(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.
(a) an individual auditor; or
(b) an authorised audit company.
"simple managed investment scheme" has the same meaning as in the regulations.".