Document ID: chunk:federal_register_of_legislation:F2024C01031:reg:19
Version: federal_register_of_legislation:F2024C01031
Segment Type: reg
Provision Reference: reg 19
Character Range: 27788–29534

19  Condition—notifying clients while providing an exempt financial service
  The condition in this section is met for an eligible financial service if, when providing the financial service to one or more persons as retail clients or wholesale clients, the provider:
 (a) notifies each of those clients in writing, within 10 business days after the happening of any of the following events:
 (i) the provider has ceased to carry on a financial services business;
 (ii) the provider has become a Chapter 5 body corporate, or under a foreign law has started to be in a similar position to a Chapter 5 body corporate;
 (iii) the provider has become bankrupt, or has applied to take the benefit of any law for the relief of bankrupt or insolvent debtors;
 (iv) the provider has compounded with the provider's creditors, or has made an assignment of the provider's remuneration for the benefit of the provider's creditors;
 (v) the provider has become authorised by an Australian financial services licence to provide the financial service;
 (vi) the provider has become an authorised representative of a financial services licensee for the provision of the financial service;
 (vii) the provider has ceased to rely on the exemption provided under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020;
 (viii) the financial service, or a financial product to which it relates, has materially changed;
 (ix) the financial service, or a financial product to which it relates, is no longer being offered to new clients; and
 (b) notifies ASIC in writing within 10 business days after the happening of any of the events referred to in paragraph (a) (other than the events in subparagraphs (a)(v) and (vi)).