Document ID: chunk:federal_register_of_legislation:C2017A00007:clause:1_1:p1
Version: federal_register_of_legislation:C2017A00007
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/2)
Character Range: 2553–5338

1  Section 910A
Insert:
basic banking product has the meaning given by section 961F.
body corporate licensee means a body corporate that:
 (a) is a financial services licensee; and
 (b) is authorised to provide personal advice to retail clients in relation to relevant financial products.
class of product advice means financial product advice about a class of products, but does not include a recommendation about a specific product in the class.
Code of Ethics means the Code of Ethics, as in force from time to time, made by the standards body under paragraph 921U(2)(b).
compliance scheme has the meaning given by section 921G.
consumer credit insurance has the meaning given by section 11 of the Insurance Contracts Act 1984.
control, in relation to a body corporate licensee, means:
 (a) having the capacity to cast, or control the casting of, more than one half of the maximum number of votes that might be cast at a general meeting of the licensee; or
 (b) directly or indirectly holding more than one half of the issued share capital of the licensee (not including any part of the issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or
 (c) the capacity to control the composition of the licensee's board or governing body; or
 (d) the capacity to determine the outcome of decisions about the licensee's financial and operating policies, taking into account:
 (i) the practical influence the person can exert (rather than the rights it can enforce); and
 (ii) any practice or pattern of behaviour affecting the licensee's financial or operating policies (whether or not it involves a breach of an agreement or a breach of trust).
covers, in relation to a compliance scheme, has the meaning given by section 921J.
CPD year (short for continuing professional development year): a financial services licensee's CPD year is the 12‑month period beginning on the day of the year included in the most recent notice given by the licensee under section 922HA.
education and training standards has the meaning given by section 921B.
foreign qualification means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.
limited‑service time‑sharing adviser: a person is a limited‑service time‑sharing adviser if:
 (a) the person is a relevant provider; and
 (b) the only relevant financial product that the person provides advice in relation to is a time‑sharing scheme; and
 (c) the person has not met any one or more of the education and training standards in subsections 921B(2) to (4).
monitoring body for a compliance scheme means the person that monitors and enforces compliance with the Code of Ethics under the scheme.
notice provision