Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p6
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 6/39)
Character Range: 1118295–1121042

services:
 (a) financial product advice on self managed superannuation funds;
 (b) financial product advice on superannuation products in relation to a person's existing holding in a superannuation product but only to the extent required for:
 (i) making a recommendation that the person establish a self managed superannuation fund; or
 (ii) providing advice to the person on contributions or pensions under a superannuation product;
 (c) class of product advice on the following:
 (i) superannuation products;
 (ii) securities;
 (iii) simple managed investment schemes;
 (iv) general insurance products;
 (v) life risk insurance products;
 (vi) basic deposit products;
 (d) arrange to deal in an interest in a self managed superannuation fund.
Note: Financial product advice on self managed superannuation funds includes advice about acquiring or disposing of an interest in a self managed superannuation fund.
limited licensee means a financial services licensee that:
 (a) does not deal with money to which Division 2 of Part 7.8 of the Act applies; and
 (b) is only licensed to provide one or more limited financial services.
person means:
 (a) an individual auditor; or
 (b) an authorised audit company.
simple managed investment scheme has the same meaning as in the regulations.".

7.8.15  Appointment of auditor by financial services licensee
 (1) For subsections 990B(7) and (8) of the Act, this regulation:
 (a) sets out matters related to the appointment of a firm as auditor of the financial statements of a financial service licensee; and
 (b) modifies the effect of section 990E of the Act.
 (1A) If an applicant for a financial services licence:
 (a) specifies, in the application for the licence, the name of a person or firm that is to be, or has been, appointed to audit the applicant's financial statements; and
 (b) the auditor or auditors specified are appointed before the end of 1 month after the licence takes effect;
the applicant is taken to have lodged a notice under subsection 990B(6) of the Act.
 (2) The appointment is taken to be an appointment of each person who is:
 (a) a member of the firm; and
 (b) a registered company auditor;
whether the person is resident in Australia or not at the date of the appointment.
 (3) Unless subregulation (4) applies, the appointment of the members of a firm as auditors that is taken by subregulation (2) to have been made because of the appointment of the firm as auditor of the holder is not affected by the dissolution of the firm.
 (4) If a firm that has been appointed as auditor is reconstituted because of the death, retirement or withdrawal of a member or members, or because of the admission of a new member or new members, or both:
 (a) a person who:
 (i) was taken