Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p51
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 51/148)
Character Range: 460408–463210

other than itself;
is not a financial product.

7.1.07C  Specific things that are not financial products: insurance under an overseas student health insurance contract
 (1) For paragraph 765A(1)(y) of the Act, insurance under an overseas student health insurance contract is not a financial product.
 (2) In this regulation:
overseas student health insurance contract has the same meaning as in Private Health Insurance Rules made for the purposes of Part 4‑2 of the Private Health Insurance Act 2007 (which is about health insurance business).
Note: In 2019, the meaning was given by rule 18 of the Private Health Insurance (Health Insurance Business) Rules 2018.

7.1.07E  Specific things that are not financial products: rights of the holder of a debenture
 (1) This regulation applies to a facility that consists of the rights of the holder of a debenture against a trustee under a trust deed entered into under:
 (a) section 283AA of the Act; or
 (b) Chapter 2L or Division 4 of Part 7.12 of the old Corporations Law.
 (2) For paragraph 765A(1)(y) of the Act, the facility is not a financial product.

7.1.07F  Specific things that are not financial products: money orders
  For paragraph 765A(1)(y) of the Act, a money order issued as a money order by, or for, Australia Post is not a financial product.

7.1.07G  Specific things that are not financial products: electronic funds transfers
  For paragraph 765A(1)(y) of the Act, a non‑cash payment facility is not a financial product if:
 (a) the issuer is:
 (i) a body corporate that is an ADI (within the meaning of the Banking Act 1959); or
 (ii) an operator of a payment system; and
 (b) under the facility, as instructed by the client, the issuer makes money available (or causes it to be made available) to a person nominated by the client:
 (i) within 2 business days of receiving the client's instruction; or
 (ii) within the time reasonably required to complete the transaction subject to any constraints imposed by law; and
 (c) under the facility the funds are transferred by electronic means for collection by, or for the credit of, the payer or another person; and
 (d) the issuer and the payer do not have a standing arrangement to transfer funds in this manner.
Example: Telegraphic transfers and international money transfers offered by banks and remittance dealers.

7.1.07H  Specific things that are not financial products: ACT insurance
  For paragraph 765A(1)(y) of the Act, Australian Capital Territory insurance, including insurance entered into by the Australian Capital Territory and another insurer as joint insurers, is not a financial product.

7.1.07J  Specific things that are not financial products—carbon abatement
  For paragraph 765A(1)(y) of the Act, a carbon abatement contract is declared not to be a financial