Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p1
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 1/34)
Character Range: 14088–16742

8  Conditions
A person who relies on an exemption in subsection 7(1) must not knowingly cause the MDA provider to fail to comply with sections 912AEA to 912AEG of the Act (as notionally inserted by this instrument) or be knowingly concerned in the MDA provider not complying with those sections.

9 Issue of client portfolio assets
(1) A person does not have to comply with Division 2, 3 or 5 of Part 7.9 of the Act, other than section 1017E, for financial products that the person reasonably believes are, or if acquired would become, client portfolio assets of a client in relation to MDA services provided by a person that was and remains a MDA provider.
Exclusion
(2) The exemption in subsection (1) does not apply to a person if:
           (a) they are notified by ASIC in writing that they are excluded from relying on this section and ASIC has not withdrawn that notice in writing; or
           (b) for a person who:
              (i) is a financial services licensee; or
              (ii) is not an authorised representative;
           10 business days have elapsed since the person became or should reasonably have become aware of matters that give the person reason to believe that it has failed, other than in an immaterial respect, to comply with a condition in section 10 without full particulars of the failure having been notified to ASIC (to the extent that the person knows those particulars or would have known them if they had undertaken reasonable enquiries); or
           (c) the person is an authorised representative who has reason to believe that the exemption in subsection (1) has ceased to apply to a licensee on whose behalf they act, where they are acting on behalf of that licensee.

10 Conditions
A person who relies on an exemption in subsection 9(1) must not knowingly cause the MDA provider to fail to comply with sections 912AEA to 912AEG of the Act (as notionally inserted by this instrument) or be knowingly concerned in the MDA provider not complying with those sections.

11 Exemption – Securities offers
(1) A person does not have to comply with Parts 6D.2 or 6D.3 or section 992A of the Act for an offer of securities that if acquired would become client portfolio assets of the client in relation to MDA services provided by a person that was and remains a MDA provider.
Exclusion
(2) The exemption in subsection (1) does not apply to a person if:
           (a) they are notified by ASIC in writing that they are excluded from relying on this section and ASIC has not withdrawn that notice in writing; or
           (b) 10 business days have elapsed since the person became or should reasonably have become