Document ID: chunk:federal_register_of_legislation:C2025C00185:section:964
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 964
Character Range: 4059643–4061226

964  Application
 (1) This Subdivision applies if:
 (a) a financial services licensee or an RSE licensee (the platform operator) is, or offers to be, the provider of a custodial arrangement; and
 (b) a monetary or non‑monetary benefit is given, or to be given, by a financial services licensee, RSE licensee or the operator of a notified foreign passport fund (the funds manager) to the platform operator; and
 (c) a financial product to which the custodial arrangement relates is a financial product in which the funds manager deals (the funds manager's financial product).
 (2) In this Subdivision:
custodial arrangement has the same meaning as it has in subsection 1012IA(1), subject to subsection (3).
provider has the same meaning as in subsection 1012IA(1).
 (3) The definition of custodial arrangement in subsection 1012IA(1) is to be read as if the reference in that definition to an instruction included a reference to:
 (a) a direction of the kind mentioned in paragraph 58(2)(d) or (da) of the Superannuation Industry (Supervision) Act 1993 that will involve the acquisition of a particular financial product, or a financial product of a particular kind; and
 (b) a direction of the kind mentioned in subsection 52B(4) of the Superannuation Industry (Supervision) Act 1993 that will involve the acquisition of a particular financial product, or a financial product of a particular kind.
 (4) A reference to a kind of financial product in subsection (3) has the same meaning in that subsection as it has in the definition of custodial arrangement in subsection 1012IA(1).