Document ID: chunk:federal_register_of_legislation:F2015L01473:body:0:p4
Version: federal_register_of_legislation:F2015L01473
Segment Type: other
Provision Reference: 
Character Range: 7473–10309

consideration is provided (whether directly or indirectly) for the issue of the investment product; or
        (e) where the investor has previously been given the consumer warning in the manner specified in condition 3 in relation to an investment product which is of the same kind as the investment product that is issued to the investor.

Interpretation

   A. In the consents and the conditions:

  Act means the Banking Act 1959.

  APRA means the Australian Prudential Regulation Authority.

   ADI (which is short for authorised deposit-taking institution) has the meaning given in section 5 of the Act.

  consumer warning means a statement that:
        * the offshore banking unit is not authorised under the Act to carry on banking business in Australia and is not prudentially supervised by APRA; and
        * any deposit, other loan or investment made to or with the offshore banking unit will not be covered by the depositor protection provisions in section 13A of the Act.

  Corporations Act means the Corporations Act 2001.

  debenture has the meaning given in section 9 of the Corporations Act.

   financial product has the meaning given in Division 3 of Part 7.1 of the Corporations Act.

  franchise has the meaning given in section 9 of the Corporations Act.

   investment product means a transaction which consists of or includes:
       (a) the lending of money (with or without security) by the investor to the offshore banking unit or another person (whether by way of deposit or any other kind of loan); or
       (b) the investment of money by the investor in a managed investment scheme managed by the offshore banking unit or another person.

   investor means a customer or client of the offshore banking unit.

   issue has the meaning given in section 761E of the Corporations Act (which, for the purposes of this definition, is to be read as if investment product were substituted for financial product and subsection 761E(7) were omitted).

   managed investment scheme:
       (a) has the meaning given in section 9 of the Corporations Act; and
       (b) also includes a scheme operated outside Australia which satisfies paragraph (a) of the definition of managed investment scheme in section 9 of the Corporations Act but which is not a body corporate or a franchise.

   non-resident has the meaning given in section 6 of the Tax Act.

   offshore banking business means the financial business carried on by an offshore banking unit in the capacity of an offshore banking unit.
            Note: For the kinds of business activities that are carried on by offshore banking units, see section 121D of the Tax Act (definition of OB activity).
          Offshore banking business is not banking business within the meaning of the Act, although it may include such banking business. To the extent