Document ID: chunk:federal_register_of_legislation:F2024C00395:body:0:p2
Version: federal_register_of_legislation:F2024C00395
Segment Type: other
Provision Reference: 
Character Range: 2840–5984

12BAA(7)(k) of the ASIC Act.
debit card has the meaning given by subsection 12DL(5) of the ASIC Act, provided that for the purposes of this instrument a debit card does not include a non-cash payment facility referred to in subparagraphs (b)(i) to (v) of the definition of stored value facility.
facility has a meaning affected by section 762C of the Act.
financial product has a meaning affected by subsection 994AA(1) of the Act.
gift facility has the meaning given in ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211.
loyalty scheme has the meaning given in ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211.
makes non-cash payments has the meaning given by subsection 12BAA(6) of the ASIC Act.
non-cash payment facility means a facility through which, or through the acquisition of which, a person makes non-cash payments.
prepaid mobile facility has the meaning given in ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211.
Regulations means the Corporations Regulations 2001.
stored value facility means a non-cash payment facility in relation to which both the following are satisfied:
           (a) under the terms of the facility, the person may store value (however described) for the purpose of making non-cash payments at a later time;
           (b) the facility is not any of the following:

               (i) a facility that can only be used to make payments to one person;

               (ii) a gift facility;

               (iii) a loyalty scheme;

               (iv) a facility through which, or through the acquisition of which, a person makes a non-cash payment of a toll for the use of a road, but no other kind of non-cash payment;

               (v) a prepaid mobile facility.

Part 2—Declaration

6 Declaration for Part 7.8A of the Corporations Act

       Retail and wholesale client definitions
           (1)         Part 7.8A of the Act applies in relation to regulated persons, and any other persons who are required to make a target market determination, as if:
              (a) section 761G of the Act were modified or varied as follows:
                  (i) in paragraph 761G(7)(c), omit "6 months", substitute "2 years";
                  (ii) after paragraph 761G(7)(c), insert:

                     "(ca) the financial product, or the financial service, is acquired by a company or trust controlled by a person who meets the requirements of subparagraph (c)(i) or (ii);";
                  (iii) after subsection 761G(7), insert:
                      "(7A) In determining the net assets of a person under subparagraph (7)(c)(i), the net assets of a company or trust controlled by the person may be included.
                      Note: control is defined in section 50AA.
                     (7B)  In determining the gross income of a person under subparagraph (7)(c)(ii), the gross income of a company or trust controlled by the person may be included.
                      Note: control is defined in section 50AA.";
                  (iv) after subsection 761G(4), insert:
                     "(4A) For the purposes of this Chapter, if