Document ID: chunk:federal_register_of_legislation:C2025C00185:section:766a
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 766A
Character Range: 3030408–3033109

766A  Meaning of financial service

General
 (1) Subject to paragraph (2)(b), a person provides a financial service if they:
 (a) provide financial product advice; or
 (b) deal in a financial product; or
 (c) make a market for a financial product; or
 (d) operate a registered scheme; or
 (da) operate the business and conduct the affairs of a CCIV; or
 (e) provide a custodial or depository service; or
 (ea) provide a crowd‑funding service; or
 (eb) provide a claims handling and settling service; or
 (ec) provide a superannuation trustee service; or
 (f) engage in conduct of a kind prescribed by regulations made for the purposes of this paragraph.

Provision of traditional trustee company services by trustee company
 (1A) Subject to paragraph (2)(b), the provision by a trustee company of a traditional trustee company service constitutes the provision, by the company, of a financial service.
Note: Trustee companies may also provide other kinds of financial service mentioned in subsection (1).
 (1B) The regulations may, in relation to a traditional trustee company service of a particular class, prescribe the person or persons to whom a service of that class is taken to be provided. This subsection does not limit (and is not limited by) subsection (2).
Note: A traditional trustee company service is provided to a person as a retail client unless regulations provide otherwise (see subsection 761G(6A)).

Regulations may deal with various matters
 (2) The regulations may set out:
 (a) the circumstances in which persons facilitating the provision of a financial service (for example, by publishing information) are taken also to provide that service; or
 (b) the circumstances in which persons are taken to provide, or are taken not to provide, a financial service.

Exception for work ordinarily done by clerks or cashiers
 (3) To avoid doubt, a person's conduct is not the provision of a financial service if it is done in the course of work of a kind ordinarily done by clerks or cashiers.

Meaning of operating a registered scheme
 (4) For the purposes of this section, a person is not operating a registered scheme merely because:
 (a) they are acting as an agent or employee of another person; or
 (b) they are taking steps to wind up the scheme.

Overlap between financial services
 (5) The fact that conduct constitutes the provision of a financial service is not to be taken to imply that the conduct does not also constitute the provision of another financial service.
Note: For example, conduct may constitute providing a superannuation trustee service and also providing another financial service (such as dealing in a financial product that is a superannuation product).