Document ID: chunk:federal_register_of_legislation:C2025C00182:section:12bab:p1
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 12BAB (pt 1/5)
Character Range: 72770–75534

12BAB  Meaning of financial service

When does a person provide a financial service?
 (1) For the purposes of this Division, subject to paragraph (2)(b), a person provides a financial service if they:
 (a) provide financial product advice (see subsection (5)); or
 (b) deal in a financial product (see subsection (7)); or
 (c) make a market for a financial product (see subsection (11)); or
 (d) operate a registered scheme; or
 (e) provide a custodial or depository service (see subsection (12)); or
 (ea) provide a superannuation trustee service; or
 (eb) provide a claims handling and settling service; or
 (f) operate a financial market (see subsection (15)) or clearing and settlement facility (see subsection (17)); or
 (g) provide a service (not being the operation of a derivative trade repository) that is otherwise supplied in relation to a financial product (other than an Australian carbon credit unit or an eligible international emissions unit); or
 (ga) operate the business and conduct the affairs of a CCIV, and the person is the corporate director of the CCIV; or
 (h) engage in conduct of a kind prescribed in regulations made for the purposes of this paragraph.
Note: Paragraph (ga) means persons other than the corporate director will not be treated as providing that financial service if they operate the business and conduct the affairs of the CCIV while:
(a) acting as an agent of the CCIV, or as an agent or employee of the corporate director; or
(b) taking steps to wind up a sub‑fund of the CCIV.
 (1AA) Without limiting subsection (1), for the purposes of this Division, a financial product is a financial service.
 (1A) Subject to paragraph (2)(b), the provision by a trustee company of a traditional trustee company service constitutes the provision, by the company, of a financial service for the purposes of this Division.
Note: Trustee companies may also provide other kinds of financial service mentioned in subsection (1).
 (1B) The regulations may, in relation to a traditional trustee company service of a particular class, prescribe the person or persons to whom a service of that class is taken to be provided or supplied for the purposes of this Division. This subsection does not limit (and is not limited by) subsection (2).

Meaning of provides a crowd‑funding service
 (1C) Subject to paragraph (2)(b), the provision by a person of a crowd‑funding service constitutes the provision, by the person, of a financial service for the purposes of this Division.
 (1D) For the purposes of this Division, the persons to whom, and time when, a crowd‑funding service is provided are as specified in subsections 766F(3) and (4) of the Corporations Act 2001.
 (2) The regulations may set out:
 (a) the circumstances in which persons