Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p8
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 8/60)
Character Range: 834019–836964

the following matters must be taken into account in determining whether a person has the capacity to determine the outcome of decisions about a financial services licensee's financial and operating policies:
 (i) the practical influence the person can exert (rather than the rights it can enforce);
 (ii) any practice or pattern of behaviour affecting the financial services licensee's financial or operating policies is to be taken into account (whether or not it involves a breach of an agreement or a breach of trust).
 (3) In this regulation:
limited financial services means the following financial services:
 (a) financial product advice on self managed superannuation funds;
 (b) financial product advice on superannuation products in relation to a person's existing holding in a superannuation product but only to the extent required for:
 (i) making a recommendation that the person establish a self managed superannuation fund; or
 (ii) providing advice to the person on contributions or pensions under a superannuation product;
 (c) class of product advice on the following:
 (i) superannuation products;
 (ii) securities;
 (iii) simple managed investment schemes;
 (iv) general insurance products;
 (v) life risk insurance products;
 (vi) basic deposit products;
 (d) arrange to deal in an interest in a self managed superannuation fund.
Note 2: See subregulation 1.0.02(1) for the meaning of simple managed investment scheme.
Note 3: Financial product advice on self managed superannuation funds includes advice about acquiring or disposing of an interest in a self managed superannuation fund.
limited licensee means a financial services licensee that:
 (a) is:
 (i) a recognised accountant; or
 (ii) a corporation that has one or more recognised accountants that supervise and have responsibility for the provision of financial services covered by its licence; or
 (iii) a partnership that has one or more recognised accountants that supervise and have responsibility for the provision of financial services covered by its licence; and
 (b) applied for the financial services licence between 1 July 2013 and 30 June 2016; and
 (c) is only licensed to provide one or more limited financial services.
recognised accountant means:
 (a) a member of CPA Australia who:
 (i) holds a Public Practice Certificate issued by CPA Australia Ltd; and
 (ii) is entitled to use the letters "CPA" or "FCPA"; and
 (iii) is subject to, and complies with, CPA Australia's continuing professional education requirements; or
 (b) a member of The Institute of Chartered Accountants in Australia (ICAA) who:
 (i) holds a Certificate of Public Practice issued by ICAA; and
 (ii) is entitled to use the letters "ACA", "CA" or "FCA"; and
 (iii) is subject to, and complies with, ICAA's continuing professional education requirements; or
 (c) a member of the Institute of Public Accountants (IPA) who:
 (i) holds a Public Practice Certificate issued by IPA;