Document ID: chunk:federal_register_of_legislation:C2025C00185:section:962c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 962C
Character Range: 4022854–4023770

962C  Meaning of fee recipient
 (1) Where:
 (a) a financial services licensee enters into an ongoing fee arrangement; and
 (b) the rights of the licensee under the arrangement have not been assigned to another person;
the licensee is the fee recipient in relation to the arrangement.
 (2) Where:
 (a) a representative of a financial services licensee enters into an ongoing fee arrangement; and
 (b) the rights of the representative under the arrangement have not been assigned to another person;
the representative is the fee recipient in relation to the arrangement.
 (3) Where the rights of a financial services licensee, or a representative of a financial services licensee, under an ongoing fee arrangement have been assigned to another person, the person who currently holds those rights is the fee recipient in relation to the arrangement.

Subdivision B—Client consent required for ongoing fee arrangements