Document ID: chunk:federal_register_of_legislation:C2025C00185:section:923a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 923A (pt 1/2)
Character Range: 3847462–3850284

923A  Restriction on use of certain words or expressions
 (1) A person contravenes this subsection if:
 (a) either:
 (i) the person carries on a financial services business or provides a financial service (whether or not on behalf of another person); or
 (ii) another person (the provider) provides a financial service on behalf of the first person; and
 (b) the first person assumes or uses, in this jurisdiction, a restricted word or expression in relation to that business or service.
Note 1: For the meanings of restricted word or expression and assume or use, see subsection (5).
Note 2: A contravention of this subsection is an offence (see subsection 1311(1)).
Note 3: A Financial Services Guide or website disclosure information may need to include a statement relating to the restriction in this subsection (see paragraphs 942B(2)(fa) and 942C(2)(ga)).
 (2) However, it is not a contravention of subsection (1) for a person to assume or use a restricted word or expression if:
 (a) the person does not receive any of the following:
 (i) commissions (apart from commissions that are rebated in full to the person's clients);
 (ii) forms of remuneration calculated on the basis of the volume of business placed by the person with an issuer of a financial product;
 (iii) other gifts or benefits from an issuer of a financial product which may reasonably be expected to influence the person; and
 (b) none of the following persons receives any of the things covered by paragraph (a):
 (i) the person's employer (if any);
 (ii) if the person provides the financial service on behalf of another person (as mentioned in subparagraph (1)(a)(i))—that other person;
 (iii) any other person identified (whether by reference to a class of person or otherwise) in regulations made for the purposes of this subparagraph; and
 (c) if subparagraph (1)(a)(ii) applies in relation to a financial service—the provider mentioned in that subparagraph does not receive any of the things mentioned in paragraph (a) of this subsection in respect of the provision of that service; and
 (d) in carrying on a financial services business, or providing financial services, the person operates free from direct or indirect restrictions relating to the financial products in respect of which they provide financial services; and
 (e) in carrying on that business, or providing those services, the person operates without any conflicts of interest that might:
 (i) arise from their associations or relationships with issuers of financial products; and
 (ii) reasonably be expected to influence the person in carrying on the business or providing the services.
Note: A defendant bears an evidential burden in relation to the matters in subsection (2). See subsection 13.3(3) of the Criminal Code.
 (3) The reference in paragraph (2)(d) to direct