Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p34
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 34/43)
Character Range: 787421–790308

and
 (b) paragraph (a) ceases to apply at the end of the transition period in relation to the regulated principal.
 (5) For paragraphs (1)(b), (ba), (c) and (ca), if a pooled superannuation trust is used for investment of the assets of more than 1 regulated superannuation fund:
 (a) each of the regulated superannuation funds must comply with paragraph (1)(b) or (c); and
 (b) it is not necessary for each of the regulated superannuation funds to comply with the same paragraph in relation to a particular pooled superannuation trust.
 (6) Paragraph (1)(r) ceases to have effect at the end of 2 years after the FSR commencement.
 (6A) Paragraph (1)(t) ceases to have effect in respect of a person advising in relation to, or dealing in, a medical indemnity insurance product, on the earlier of:
 (a) the date on which the person obtains an Australian financial services licence in respect of the product; and
 (b) 11 March 2004.
 (7) In this regulation:
business joint venture means a contractual agreement between 2 or more parties for the purpose of carrying on a business undertaking.
financial capability service means a financial literacy and capacity building service provided mainly to improve the financial knowledge and skills of persons.
financial capability service provider means a body that is funded wholly or partly by the Commonwealth to provide a financial capability service.
financial counselling agency means a person that provides a financial counselling service.
financial counselling association means each of the following:
 (a) Financial Counselling Australia Ltd;
 (b) Financial Counsellors Association of New South Wales Inc;
 (c) Financial Counselling Victoria Inc;
 (d) Financial Counsellors Association of Queensland Inc.;
 (e) Financial Counsellors Association of Western Australia Inc;
 (f) The South Australian Financial Counsellors' Association Incorporated;
 (g) Financial Counselling Tasmania Inc.;
 (h) Financial Counsellors ACT.
financial counselling service means a counselling and advocacy service provided mainly for the purposes of assisting individuals or small businesses who are in financial difficulty to resolve their problems.
friendly society funeral product means a financial product that is an account (however described):
 (a) provided by:
 (i) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or
 (ii) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or
 (iii) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or
 (iv) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory; and