Document ID: chunk:federal_register_of_legislation:F2017C00585:body:0:p3
Version: federal_register_of_legislation:F2017C00585
Segment Type: other
Provision Reference: 
Character Range: 5545–8446

the service:
(i) is dealing on behalf of the holders of the securitisation products in financial products held by the securitisation entity as trustee for those holders of the securitisation products; and
              (ii) is not dealing by issuing or acquiring derivatives or foreign exchange contracts; and
(iii) the securitisation entity has not issued any of the securitisation products to a retail client and has from the later of 1 July 2005 and when the entity first issues a securitisation product, taken all reasonable steps to ensure that the securitisation products are not acquired by a person as a retail client.
(3) The exemption does not apply to the financial services referred to in paragraphs (2)(a), (b) and (d) unless the securitisation entity:
(a) provides the relevant financial service in accordance with financial product advice provided by a financial services licensee authorised to provide such advice in relation to the financial product to which the financial service relates; and
(b) has entered into a written agreement with the financial services licensee, under which:
              (i) the securitisation entity receives the financial product advice described in paragraph (a); and
              (ii)  the financial services licensee has not by contract or otherwise excluded or limited (or purported to exclude or limit) its liability for any loss or damage resulting from any negligence by that licensee in providing the financial product advice to the securitisation entity.

ASIC notification that a person may not rely on this exemption
(4) This exemption does not apply to a person from a date if ASIC notifies the person in writing that after that date the person may no longer rely on this exemption and that notice has not been withdrawn by ASIC in writing.
        Note: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption made under section 926A of the Act.

Endnotes

Endnote 1—Instrument history

Instrument number  Date of FRL registration     Date of commencement  Application, saving or transitional provisions
2016/272           31/3/2016 (see F2016L00457)  1/4/2016
2017/65            23/3/2017 (see F2017L00284)  24/3/2017             -
2017/580           3/7/2017 (see F2017L00871)   4/7/2017              -

Endnote 2—Amendment history
ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted
Provision affected             How affected
Section 2                      rep. s48D LA
Sub-subsection 5(2)(a)(ii)(B)
                               am. 2017/65
Section 5 (Note 2)             rep. 2017/580
Section 5 (Note)               ad. 2017/580