Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p12
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 12/60)
Character Range: 844677–847342

on behalf of the person; and
 (c) the person assumes or uses, in this jurisdiction, a restricted word or expression in relation to the service; and
 (d) any of the following apply:
 (i) the individual is not a relevant provider;
 (ii) the individual is a provisional relevant provider;
 (iii) the individual is a limited‑service time‑sharing adviser.
Note 1: For the meanings of restricted word or expression and assume or use, see subsections (8) and (9) of this section.
Note 2: A contravention of this subsection is an offence (see subsection 1311(1)).

Advice to wholesale clients
 (3) It is not a contravention of subsection (1) for an individual to assume or use a restricted word or expression if:
 (a) the individual provides advice to wholesale clients; and
 (b) the individual assumes or uses the restricted word or expression only in relation to that advice.
Note: A defendant bears an evidential burden in relation to the matters in subsection (3). See subsection 13.3(3) of the Criminal Code.
 (4) It is not a contravention of subsection (2) for a person to assume or use a restricted word or expression if:
 (a) another person (the adviser) provides a financial service on behalf of the person; and
 (b) the adviser provides advice to wholesale clients; and
 (c) the person assumes or uses the restricted word or expression only in relation to that advice.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4). See subsection 13.3(3) of the Criminal Code.

Advice as employee or director
 (5) It is not a contravention of subsection (1) for an individual to assume or use a restricted word or expression if:
 (a) the individual is an employee or director of a body; and
 (b) the individual provides advice to the body; and
 (c) the individual assumes or uses the restricted word or expression only in relation to that advice.
Note: A defendant bears an evidential burden in relation to the matters in subsection (5). See subsection 13.3(3) of the Criminal Code.
 (6) It is not a contravention of subsection (2) for a person to assume or use a restricted word or expression if:
 (a) another person (the adviser) is an employee or director of a body; and
 (b) the adviser provides advice to the body; and
 (c) the person assumes or uses the restricted word or expression only in relation to that advice.
Note: A defendant bears an evidential burden in relation to the matters in subsection (6). See subsection 13.3(3) of the Criminal Code.

Continuing contravention
 (7) If a person assumes or uses a word or expression in circumstances that give rise to the person committing an offence under subsection (1) or (2),