Document ID: chunk:federal_register_of_legislation:F2022N00122:body:0:p2
Version: federal_register_of_legislation:F2022N00122
Segment Type: other
Provision Reference: 
Character Range: 2699–5551

(h) the Legal Practitioners Fidelity Fund (formerly known as the legal practitioners' guarantee fund) required to be maintained by section 57 of the Legal Practitioners Act 1981 (SA);
(i) the scheme providing professional indemnity insurance established under section 52 of the Legal Practitioners Act 1981 (SA);
(j) professional indemnity insurance arrangements under Part 6 of the Rules of Practice 1994 made by The Law Society of Tasmania under section 221 of the Legal Profession Act 2007 (Tas.);
(k) the Solicitors' Guarantee Fund established under section 16 of the Legal Contribution Trust Act 1967 (WA) and continued in existence by section 336 of the Legal Profession Act 2008 (WA);
(l) insurance arrangements made under regulation 84 of the Legal Profession Regulations 2009 (WA), and the associated mutual funds;
(m) professional indemnity insurance arrangements under Part 7 of the Legal Profession Uniform Law Application Act 2014 (Vic.);
(n) the Legal Practitioners Fidelity Fund required to be maintained by section 121(1) of the Legal Profession Uniform Law Application Act 2014 (Vic.).
       Queensland Law Society Indemnity Rule means the Queensland Law Society Indemnity Rule 2005 made by the Council of the Queensland Law Society Council under sections 226(2)(l) and 227 of the Legal Profession Act 2004 (Qld)  and the replacement of those provisions by sections 231 and 232 of the Legal Profession Act 2007 (Qld).
       relevant eligible law society in relation to a fidelity or indemnity scheme, means the eligible law society that is the primary body representing legal practitioners in the State or Territory under the laws of which the scheme is established or regulated.
       responsible: an eligible legal body is responsible for a fidelity or indemnity scheme if:
(a) the body or the governing council of the body (however described) is conferred with functions in relation to the scheme by or under the law of a State or Territory; or
(b) the body has established the scheme under its rules (however described) made under the law of a State or Territory.

       Part 2—Exemption

5 Fidelity and Indemnity Schemes

Exemptions
An eligible legal body does not have to comply with:
       (a) subsection 601ED(5) of the Act in relation to the operation of a managed investment scheme that is or arises from a fidelity or indemnity scheme for which the body is responsible; and
       (b) Divisions 2 to 5 of Part 7.9 and section 992A of the Act in relation to a financial product that arises from a fidelity or indemnity scheme for which the body is responsible; and
       (c) section 911A of the Act for the provision of a financial service where:
           (i) the service consists of any or all of the following:
              (A) providing financial product advice;
              (B) dealing in financial products;