Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p1
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 1/60)
Character Range: 816053–818732

4         paragraph 1020G(1)(c)  Part 7.9

7.6.02AG  Modification of section 911A of the Act
  For paragraph 926B(1)(c) of the Act, Part 7.6 of the Act applies as if section 911A of the Act were modified by inserting after subsection 911A(2) the following subsections:
 "(2A) Also, a person (person 1) is exempt from the requirement to hold an Australian financial services licence for a financial service they provide to a person (person 2) in the following circumstances:
 (a) person 1 is not in this jurisdiction;
 (b) person 2 is an Australian citizen or is resident in Australia;
 (c) the service is provided from outside this jurisdiction;
 (d) person 1 does not engage in conduct that is:
 (i) intended to induce people in this jurisdiction to use the service; or
 (ii) likely to have that effect.
 (2B) Also, a person (person 1) is exempt from the requirement to hold an Australian financial services licence for a financial service they provide to a person (person 2) in the following circumstances:
 (a) person 1 is not in this jurisdiction;
 (b) person 1 believes on reasonable grounds that person 2 is not in this jurisdiction;
 (c) person 1 is a participant in a financial market in this jurisdiction that is licensed under subsection 795B(2) of the Act;
 (d) the service relates to a financial product traded on the licensed market.
 (2C) Also, a person (person 1) is exempt from the requirement to hold an Australian financial services licence for a financial service they provide to a person (person 2) in the following circumstances:
 (a) person 1 is not in this jurisdiction;
 (b) person 2 is:
 (i) the holder of an Australian financial services licence; or
 (ii) exempt from the requirement to hold an Australian financial services licence under paragraph 911A(2)(h);
 (c) person 2 is not, in relation to the service:
 (i) acting as a trustee; or
 (ii) acting as a responsible entity of a registered scheme; or
 (iia) acting as a corporate director of a CCIV; or
 (iii) otherwise acting on someone else's behalf.
 (2D) Also, a person (person 1) is exempt from the requirement to hold an Australian financial services licence for a financial service they provide to a person (person 2) in the following circumstances:
 (a) person 1 is not in this jurisdiction;
 (aa) person 1 is not a notified foreign passport fund or the operator of a notified foreign passport fund;
 (b) person 2 is in this jurisdiction;
 (c) the service relates to a financial product:
 (i) issued by person 1 following an application by, or inquiry from, person 2; or
 (ii) issued by person 1 and acquired by person 2 when person 2 was not in this jurisdiction; or
 (iii) that supplements