Document ID: chunk:federal_register_of_legislation:C2025C00182:section:12bab:p2
Version: federal_register_of_legislation:C2025C00182
Segment Type: section
Provision Reference: s 12BAB (pt 2/5)
Character Range: 75293–78004

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 facilitating the provision of a financial service (for example, by publishing information) are taken also to provide that service; or
 (b) the circumstances in which persons are taken to provide, or are taken not to provide, a financial service.
 (4) For the purposes of this section, a person is not operating a registered scheme merely because:
 (a) they are acting as an agent or employee of another person; or
 (b) they are taking steps to wind up the scheme.

Meaning of financial product advice
 (5) For the purposes of this section, financial product advice means a recommendation or a statement of opinion, or a report of either of those things, that:
 (a) is intended to influence a person or persons in making a decision in relation to a particular financial product or class of financial products, or an interest in a particular financial product or class of financial products; or
 (b) could reasonably be regarded as being intended to have such an influence;
but does not include anything in:
 (c) a document prepared in accordance with requirements of Chapter 7 of the Corporations Act, other than a document of a kind prescribed by regulations made for the purposes of this paragraph; or
 (d) any other document of a kind prescribed by regulations made for the purposes of this paragraph.
 (6) Advice given by a lawyer in his or her professional capacity about matters of law, legal interpretation or the application of the law to any facts is not financial product advice.

Meaning of dealing
 (7) For the purposes of this section, the following conduct constitutes dealing in a financial product:
 (a) applying for or acquiring a financial product;
 (b) issuing a financial product;
 (c) in relation to securities or interests in managed investment schemes—underwriting the securities or interests;
 (d) varying a financial product;
 (e) disposing of a financial product.
Note: A notified foreign passport fund is a managed investment scheme for the purposes of this Act and the Corporations Act, see subsection 5(2) of this Act and section 1213E of the Corporations Act.
 (8) Arranging for a person to engage in conduct referred to in subsection (7) is also dealing in a financial product, unless the actions concerned amount to providing financial product advice.
 (9) A person is taken not to deal in a financial product if the person deals in the product on their own behalf, unless:
 (a) the person is an issuer of financial products; and
 (b) the