Document ID: chunk:federal_register_of_legislation:C2025C00185:section:911a:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 911A (pt 1/6)
Character Range: 3640099–3642933

911A  Need for an Australian financial services licence
 (1) Subject to this section, a person who carries on a financial services business in this jurisdiction must hold an Australian financial services licence covering the provision of the financial services.
Note 1: Also, a person must not provide a financial service contrary to a banning order or disqualification order under Division 8.
Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1)).
 (2) However, a person is exempt from the requirement to hold an Australian financial services licence for a financial service they provide in any of the following circumstances:
 (a) the person provides the service as representative of a second person who carries on a financial services business and who:
 (i) holds an Australian financial services licence that covers the provision of the service; or
 (ii) is exempt under this subsection from the requirement to hold an Australian financial services licence that covers the provision of the service;
Note: However, representatives must still comply with section 911B even if they are exempted from this section by this paragraph.
 (b) the service is the issue, variation or disposal of a financial product by the person (the product provider) pursuant to an arrangement (an intermediary authorisation) between the product provider and a financial services licensee under which:
 (i) the financial services licensee, or their authorised representatives, may make offers to people to arrange for the issue, variation or disposal of financial products by the product provider; and
 (ii) the product provider is to issue, vary or dispose of financial products in accordance with such offers, if they are accepted;
  provided that the offer pursuant to which the issue, variation or disposal is made was covered by the financial services licensee's Australian financial services licence;
 (ba) the service is the entry into of an intermediary authorisation referred to in paragraph (b);
 (c) all of the following apply:
 (i) the service is the variation or disposal of a financial product by the person;
 (ii) the same person issued the original product;
 (iii) the person provides the service at the direct request of the person to whom it is provided (rather than through an intermediary);
 (d) the service is, or is provided incidentally to, the operation of a licensed market, or a licensed CS facility, operated by the person;
 (ea) the service is the provision of general advice and all of the following apply:
 (i) the advice is provided in a newspaper or periodical of which the person is the proprietor or publisher;
 (ii) the newspaper or periodical is generally available to the public otherwise than only on subscription;
 (iii) the sole or principal purpose of the newspaper or periodical is