Document ID: chunk:federal_register_of_legislation:F2024C01051:body:0:p4
Version: federal_register_of_legislation:F2024C01051
Segment Type: other
Provision Reference: 
Character Range: 8696–11520

in a risk management scheme operated by the body;
           (b) providing a custodial or depository service by holding a risk management product on trust for or on behalf of another person;
           (c) providing financial product advice in relation to a risk management product or an interest in a risk management scheme operated by the body, to the extent that that advice is provided as a result of the body giving information or statements under paragraph 6(e).
           Note: ASIC Corporations (Effect of Licensing Exemptions) Instrument 2015/1115 provides relief from subsection 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need a financial services licence because of an exemption under section 926A of the Act.
 (3) A group purchasing body that is a financial services licensee or an authorised representative of a financial services licensee does not have to comply with Divisions 2, 3 and 4 of Part 7.7 or Divisions 2, 3, 5 and 6 of Part 7.8 of the Act in relation to the financial services referred to in subsection (2).
Where the exemptions apply
(4) A group purchasing body that is a standard licensee or an authorised representative of a standard licensee may rely on the exemptions in subsections (1) to (3) only if:
           (a) the only persons who will be covered by the risk management product or issued an interest in the risk management scheme are officers or employees of the body or their relatives; and
           (b) either:
              (i) the body is an incidental provider; or
              (ii) the body meets the requirements of subsection (6).
(5) A group purchasing body that is not a standard licensee or an authorised representative of a standard licensee may rely on the exemptions in subsections (1) to (3) only if:
           (a) the body does not carry on a business of issuing risk management products other than interests in a risk management scheme; and
           (b) the body does not provide any financial product advice in relation to a risk management product other than financial product advice covered by paragraph (2)(c); and
           (c) either:
              (i) the body is an incidental provider; or
              (ii) the body meets the requirements of subsection (6).
(6) A body meets the requirements of this subsection if:
           (a) it does not receive any payments, remuneration or other benefits for the provision of financial services relating to the risk management product or an interest in the risk management scheme, except for the following:
              (i) a payment from a person (covered person) who is covered by the risk management product where:
                  (A) the amount of the payment is separately identified (in dollars from any other amounts payable by the person to the