Document ID: chunk:federal_register_of_legislation:F2024C00757:reg:1:p20
Version: federal_register_of_legislation:F2024C00757
Segment Type: reg
Provision Reference: reg 1 (pt 20/22)
Character Range: 96397–99339

been allocated entitlements;
       under a direction of the client; and
       (b) a financial product is of the same kind as another financial product if the products would be of the same kind for the purposes of section 1012D.
    (44) For the purposes of subsections (22), (40A) to (40L), the definition of sub-custodian in subsection (42) and this subsection:
       (a) a person (first person) engages another person if the first person engages or authorises the other person; and
       (b) a person (first person) indirectly engages another person (second person) if:
           (i) the first person engages a person and that person engages the second person; or
           (ii) a person who is indirectly engaged by the first person under subparagraph (i) or this subparagraph (ii) engages the second person."

9 Liability provisions for FSG disclosure
Part 7.7 of the Act applies in relation to an operator of an IDPS as if:
       (a) Subdivision A of Division 7 of Part 7.7 were modified or varied by, after section 952B, inserting:
       "952BA Appointment of liability for Financial Services Guide
           For the purposes of sections 952E and 952G, a financial services licensee does not commit an offence if the Financial Services Guide, Supplementary Financial Services Guide or website disclosure information is defective by reason only of a statement in or an omission from a part of the Financial Services Guide, Supplementary Financial Services Guide or website disclosure information for which another financial services licensee states it is responsible in the Financial Services Guide, Supplementary Financial Services Guide or website disclosure information and which relates to the financial services that are to be or are likely to be performed by that other financial services licensee."
       (b) Subdivision B of Division 7 of Part 7.7 were modified or varied by, after section 953B, inserting:
       "953BA Apportionment of liability for Financial Services Guide
           For the purposes of section 953B, a providing entity is not liable for loss or damage in a situation referred to in paragraph 953B(1)(b) or (ba) if a Financial Services Guide, Supplementary Financial Services Guide or website disclosure information is defective by reason only of a statement in or an omission from a part of the Financial Services Guide, Supplementary Financial Services Guide or website disclosure information for which another financial services licensee states it is responsible in the Financial Services Guide, Supplementary Financial Services Guide or website disclosure information and which relates to financial services that are likely to be or are likely to be performed by that other financial services licensee."

10 Section 1012IA
    Part 7.9 of the Act applies in relation to the operator of an IDPS as if the provisions of that Part were modified or varied by, after subsection 1012IA(8), inserting: