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ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151 as in force on 27 May 2017. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declaration
5 Exempt service
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151.

3 Authority
This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4 Definitions
In this instrument:
           Act means the Corporations Act 2001.
limited licensee has the meaning given by subsection 912A(4) of the Act (as notionally inserted by subregulation 7.6.01BA(3) of the Regulations).
Regulations means the Corporations Regulations 2001.

Part 2—Declaration

5 Exempt service
    Part 7.6 of the Act (other than Divisions 4 and 8) applies in relation to financial services licensees (including limited licensees) as if regulation 7.1.29 of the Regulations was modified or varied as follows:
(a) after paragraph (4)(a) insert:
           "(aa) if the person is a financial services licensee (including a limited licensee) or a representative of a licensee—the advice mentioned in paragraph (a):
              (i) in relation to the licensee or the representative—is not covered by an authorisation in the licence held by the licensee; or
              (ii) in relation to the representative—is not covered by the authorisation given by the licensee to the representative; and";
(b) omit subparagraph (4)(c)(ii), substitute:
            "(ii) the advice constitutes financial product advice to a retail client and it includes, or is accompanied by, a written statement that:
                (A) the person providing the advice is not licensed or authorised (as applicable) to provide financial product advice of the kind mentioned in paragraph (a); and
                (B) taxation is only one of the matters that must be considered when making a decision on a financial product; and
                (C) the client should consider taking advice from the holder of an Australian financial services licence with the appropriate authorisation before making a decision on a financial product.";
(c) in subregulation (6) insert the following definitions:
"limited financial services has the meaning given by subsection 912A(4) of the Act (as notionally inserted by subregulation 7.6.01BA(3)).
       limited licensee has the meaning given by subsection 912A(4) of the Act (as notionally inserted by subregulation 7.6.01BA(3)).".

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date of commencement  Application, saving or transitional provisions
2016/1151          6/12/2016