Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p7
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 7/73)
Character Range: 1706534–1709235

of a regulated principal
 (1) This regulation applies if a person:
 (a) is a regulated principal, or a representative of a regulated principal within the meaning of subsection 1436(1) of the Act; and
 (b) is also in the transition period in the capacity of:
 (i) a regulated principal; or
 (ii) a representative of a regulated principal; and
 (c) is also a financial services licensee or an authorised representative of a financial services licensee.
 (2) Paragraphs 942B(2)(c) and 942C(2)(d) of the Act are taken to require the person:
 (a) to provide a statement, in addition to a Financial Services Guide, to the effect that the person is able to provide financial services as:
 (i) a regulated principal; or
 (ii) a representative of a regulated principal; and
 (b) to include in the statement:
 (i) a brief description of the kinds of financial services provided in that capacity; and
 (ii) the name of each regulated principal (if any) on whose behalf the financial services are provided.
 (3) For subregulation (2):
 (a) section 940C of the Act is taken to apply in relation to the statement; and
 (b) the following matters are also taken to apply in relation to the person:
 (i) any regulations or other instruments in force for section 940C;
 (ii) any interpretation provisions that apply for section 940C;
 (iii) any provisions relating to liability (civil or criminal) that apply for section 940C (whether or not they also apply or applied for other purposes);
 (iv) any provisions that limit, or that otherwise affect, the operation of section 940C (whether or not they also limit or limited, or affect or affected, the operation of other provisions); and
 (c) for Part 7.7 of the Act, the statement:
 (i) is taken not to be a part of the Financial Services Guide; and
 (ii) is taken not to be a statement that the person is required to include in a Financial Services Guide.
 (4) The person must not fail to give the statement in accordance with this regulation.
Penalty:
 (a) for an individual—50 penalty units; and
 (b) for a body corporate—500 penalty units.

10.2.50A  Treatment of arrangements under which a person can instruct another person to acquire a financial product
 (1) For section 1444 of the Act, this regulation applies in relation to a custodial arrangement (within the meaning of section 1012IA of the Act) in which the client is the holder of a superannuation product issued to the client by the provider.
 (2) Section 1012IA of the Act does not apply to a regulated acquisition (within the meaning of that section) that occurs under the custodial arrangement.
 (3) Subregulation (2) ceases to apply at the end of 2 years after the FSR commencement.

Division 15—Other