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ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356 as in force on 27 September 2016. 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—Exemption
5 Requirement to hold an Australian financial services licence
6 Documents to which the relief applies
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356.

3 Authority
This instrument is made under paragraphs 926A(2)(a) and 951B(1)(a) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

Part 2—Exemption

5 Requirement to hold an Australian financial services licence
    A person providing general advice in a document that complies with section 6 does not have to comply with:
       (1)          the requirement in subsection 911A(1) to hold an Australian financial services licence for the provision of financial product advice; or
       (2)          where the person is a financial services licensee or an authorised representative of such a licensee—Divisions 2 and 4 of Part 7.7 of the Act in relation to that advice.

6 Documents to which the relief applies
    A document complies with this section if it is:
       (1)          prepared in accordance with a requirement of the Act, any other Act or a disallowable legislative instrument made under an Act and is not:
           (a)           an exempt document or statement as defined in subsection 766B(9); or
           (b)              a document or statement of the kind referred to in paragraphs (a)(i) or (ii) of that definition; or
           (c)              a recommendation or statement of opinion made by an outside expert or a report of such a recommendation or statement of opinion as referred to in subsection 766B(1B); or
       (2)          an explanatory statement (however described) about a compromise or arrangement:
         (a)       between a foreign company and its members or any class of them;
            and
           (b)          that is regulated by or under a law that is in force in or part of one of the following:
(i) Hong Kong;
(ii)  Malaysia;
(iii)  New Zealand;
(iv)  Singapore;
(v)  South Africa;
(vi) United Kingdom;
           where the statement has been prepared because it is required by or under a law; or
       (3)          an offer document (however described) or a document responding to the offer document in relation to a transaction involving