Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p3
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 3/39)
Character Range: 1110628–1113577

licensee; or
 (v) employees of the financial services licensee; and
 (c) if the financial services licensee is a partner in a firm—separate particulars of each transaction by the financial services licensee with, or for the account of:
 (i) clients of the financial services licensee other than the partners in the firm; or
 (ii) the partners in the firm; or
 (iii) the financial services licensee's own account; or
 (iv) other financial services licensees; or
 (v) representatives of the financial services licensee; or
 (vi) employees of the financial services licensee; and
 (d) copies of acknowledgments of the receipt of financial products or documents of title to financial products.

Subdivision C—Financial statements of financial services licensees

7.8.12A  Modification of section 989B of the Act
 (1) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 989B(3) were modified to read as follows:
 "(3) The licensee must, with the statement and balance sheet, lodge with ASIC:
 (a) for a licensee who is a limited licensee for the whole of a financial year—a compliance certificate containing the information and matters required by the regulations; or
 (b) for a licensee who is a limited licensee for part of a financial year:
 (i) a compliance certificate containing the information and matters required by the regulations for the part of the financial year that the licensee was a limited licensee; and
 (ii) an auditor's reporting containing the information and matters required by the regulations for the part of the financial year that the licensee was not a limited licensee; or
 (c) for all other licensees—an auditor's report containing the information and matters required by the regulations.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).".
 (2) For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if section 989B of the Act were modified by inserting after subsection 989B(3) the following subsection:
 "(4) In this section:
limited financial service means the following financial services:
 (a) financial product advice on self managed superannuation funds;
 (b) financial product advice on superannuation products in relation to a person's existing holding in a superannuation product but only to the extent required for:
 (i) making a recommendation that the person establish a self managed superannuation fund; or
 (ii) providing advice to the person on contributions or pensions under a superannuation product;
 (c) class of product advice on the following:
 (i) superannuation products;
 (ii) securities;
 (iii) simple managed investment schemes;
 (iv) general insurance products;
 (v) life risk insurance products;
 (vi) basic deposit products;
 (d) arrange to deal in an interest in a self managed superannuation fund.
Note: Financial product advice on self managed superannuation funds includes advice about acquiring or disposing of