Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p3
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 3/4)
Character Range: 7578–10232

as defined in section 763B of the Act; and

           (b)  that is not otherwise a financial product under section 764A of the Act.

       non-adult child means a child who is under 18 years of age and without limiting who is a non-adult child of an individual, each of the following is the child of an individual:

           (a)    the individual's adopted child, stepchild or exnuptial child; and

           (b)    someone who is a child of the individual within the meaning of the Family Law Act 1975.
non-limited recourse product in relation to a client means a facility held by, or on behalf of, the client that includes an obligation:

           (a)  requiring the client (first person), or the person (first person) holding the facility on behalf of the client, to provide consideration to another person in the event of the occurrence or non-occurrence of an act, matter or thing (including the occurrence of a date); and
           (b) in relation to which obligation, the rights of the other person are not limited to the following:
(i) rights to property (if any) that the first person has paid or set aside as security for the performance of the obligation;
(ii) rights to set off the obligation of the first person to provide the consideration against a liability (if any) of the other person to the first person.

       spouse of an individual includes:
           (a) another individual (whether of the same sex or a different sex) with whom the individual is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and
           (b) another individual who, although not legally married to the individual, lives with the individual on a genuine domestic basis in a relationship as a couple.
stepchild of a person includes someone who:
(a)  is a child of a spouse of the person; and
(b) would be a stepchild of the person but for the person not being legally married to the spouse.

Part 2—Exemption

5 MDA providers and external MDA custodians
(1) A MDA provider and an external MDA custodian do not have to comply with any of the following:
           (a) subsection 601ED(5) of the Act in relation to a managed investment scheme if the only interests in the scheme are rights to MDA services;
           (b) Parts 6D.2 and 6D.3 or section 992A of the Act for an offer to issue equitable rights or interests in securities to a person arising because of an offer to hold, or arrange for the holding of, the securities on behalf of the person as part of the MDA