Document ID: chunk:federal_register_of_legislation:C2025C00185:section:923b:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 923B (pt 1/3)
Character Range: 3851926–3854663

923B  Restriction on use of certain words or expressions unless authorised in licence conditions
 (1) A person contravenes this subsection if:
 (a) the person carries on a financial services business or provides a financial service (whether or not on behalf of another person); and
 (b) the person assumes or uses, in this jurisdiction, a restricted word or expression in relation to that business or service; and
 (c) the person is not authorised, by the conditions on an Australian financial services licence held by the person, or by a person in relation to whom they are a representative, to assume or use that word or expression (see subsection (3)).
Note 1: For the meanings of restricted word or expression and assume or use, see subsection (4).
Note 2: A contravention of this subsection is an offence (see subsection 1311(1)).
 (2) If a person assumes or uses a word or expression in circumstances that give rise to the person committing an offence based on subsection (1), the person is guilty of such an offence in respect of:
 (a) the first day on which the offence is committed; and
 (b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).
 (3) ASIC can only impose a condition on an Australian financial services licence authorising a person to assume or use a restricted word or expression in these circumstances:
 (a) in the case of a word or expression covered by subparagraph (4)(a)(i)—if the person:
 (i) can, under the licence, provide a financial service relating to securities (whether or not the person can provide other financial services under the licence as well); and
 (ii) is a participant in a licensed market whose licence covers dealings in securities;
 (b) in the case of a word or expression covered by subparagraph (4)(a)(ii)—if the person:
 (i) can, under the licence, provide a financial service relating to derivatives (whether or not the person can provide other financial services under the licence as well); and
 (ii) is a participant in a licensed market whose licence covers dealings in derivatives;
 (c) in the case of a word or expression covered by subparagraph (4)(a)(iii)—if the person:
 (i) can, under the licence, provide a financial service relating to contracts of insurance (whether or not the person can provide other financial services under the licence as well); and
 (ii) in providing that service, acts on behalf of intending insureds;
 (d) in the case of a word or expression covered by subparagraph (4)(a)(iv)—if the person:
 (i) can, under the licence, provide a financial service relating to contracts of general insurance (whether or not