Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p2
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 2/60)
Character Range: 818508–821356

a financial product:
 (i) issued by person 1 following an application by, or inquiry from, person 2; or
 (ii) issued by person 1 and acquired by person 2 when person 2 was not in this jurisdiction; or
 (iii) that supplements a financial product mentioned in subparagraphs (i) or (ii); or
 (iv) that is of the same kind as, and is issued in substitution for, a financial product mentioned in subparagraphs (i) or (ii);
 (d) person 1 does not actively solicit persons in this jurisdiction in relation to the financial products mentioned in subparagraphs (c)(i) to (iv);
 (e) paragraph (d) does not preclude person 1 from contacting person 2 in relation to the financial products mentioned in subparagraphs (c)(i) to (iv) after they have been acquired by person 2.
Note 1: For subparagraph (c)(iii), an example of this kind of financial product includes a non‑cash payment facility (such as a cheque facility) that is added to an existing transaction or investment account.
Note 2: For subparagraph (c)(iv), examples of this kind of financial product include:
(a) a transaction or investment account that is replaced by another transaction or investment account; or
(b) the renewal of an insurance policy.
 (2E) Also, a person (person 1) is exempt from the requirement to hold an Australian financial services licence for a financial service they provide to a person (person 2) in the following circumstances:
 (a) person 1 is not in this jurisdiction;
 (b) person 2 is a professional investor;
 (c) the service consists of any or all of the following:
 (i) dealing in derivatives, foreign exchange contracts, carbon units, Australian carbon credit units or eligible international emissions units;
 (ii) providing advice on derivatives, foreign exchange contracts, carbon units, Australian carbon credit units or eligible international emissions units;
 (iii) making a market in derivatives, foreign exchange contracts, carbon units, Australian carbon credit units or eligible international emissions units.
 (2F) Also, a person is exempt from the requirement to hold an Australian financial services licence for a financial service that the person provides by bidding at an auction conducted in accordance with a legislative instrument made for subsection 113(1) of the Clean Energy Act 2011, if the bidding is:
 (a) on the person's own behalf; or
 (b) for a related body corporate of the person; or
 (c) for an associated entity of the person."

7.6.02AH  Modification of paragraph 911B(1)(e) of the Act
  For paragraph 926B(1)(c) of the Act, Part 7.6 of the Act applies as if paragraph 911B(1)(e) of the Act were modified by omitting "911A(2)" and substituting "911A(2), (2A), (2B), (2C), (2D), (2E) or (2F)".

7.6.02A  Obligation to notify ASIC of certain matters
 (1) For paragraph 912D(3)(c) of the Act, the following Commonwealth legislation is