Document ID: chunk:federal_register_of_legislation:F2022N00118:body:0:p2
Version: federal_register_of_legislation:F2022N00118
Segment Type: other
Provision Reference: 
Character Range: 2842–5529

operation of a managed investment scheme that is or arises from the Queensland fidelity or indemnity scheme;
(b) Divisions 2 to 5 of Part 7.9 and section 992A of the Act in relation to a financial product that arises from the Queensland fidelity or indemnity scheme;
(c) subsection 911A(1) of the Act for the provision of a financial service where:
(i) the service consists of any or all of the following:
(A) providing financial product advice;
(B) dealing in a financial product;
(C) providing a custodial or depository service;
(D) claims handling and settling services; and
(ii) the service is only provided to the extent reasonably necessary for the operation of the Queensland fidelity or indemnity scheme where the Queensland Law Society is providing related services in respect of which it is exempt from the requirement to hold an Australian financial services licence because of ASIC Corporations (Law Societies—Fidelity and Indemnity Schemes) Instrument 2022/435.
(2) The exemption in subsection (1) is only available where all of the following are satisfied:
(a) Lexon has a current licence granted to it by MAS authorising it to be a captive insurer;
(b) Lexon is a wholly owned subsidiary of the Queensland Law Society;
(c) Lexon is registered under Division 2 of Part 5B.2 of the Act;
(d) Lexon's primary business is the provision of financial services;
(e) Lexon has not notified ASIC in writing that it will not rely on this instrument;
(f) Lexon has provided ASIC with each of the following:
(i) a copy of the Licence, or evidence that paragraph (2)(a) is satisfied that ASIC has stated in writing is adequate;
(ii) a written notice that it will provide financial services in this jurisdiction in reliance on this instrument;
(iii) a copy of a deed of Lexon for the benefit of and enforceable by ASIC and the other persons referred to in subsection 659B(1) of the Act, which provides that:
(A) the deed is irrevocable except with the prior written consent of ASIC;
(B) Lexon submits to the non-exclusive jurisdiction of the Australian courts in legal proceedings conducted by ASIC (including under section 50 of the Australian Securities and Investments Commission Act 2001) and, in relation to proceedings relating to a financial services law, by any person referred to in subsection 659B(1) of the Act;
(C) Lexon covenants to comply with any order of an Australian court in respect of any matter relating to the provision of the financial services;
(D) Lexon covenants that, on written request of either MAS or ASIC, it will give or vary written consent and take all other practicable steps to enable and assist MAS to disclose to ASIC and ASIC to disclose to MAS any