Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_911b:p1
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 911B (pt 1/2)
Character Range: 282132–284975

911B  Providing financial services on behalf of a person who carries on a financial services business

 (1) A person (the provider) must only provide a financial service in this jurisdiction on behalf of another person (the principal) who carries on a financial services business if one or more of the following paragraphs apply:
 (a) these conditions are satisfied:
 (i) the principal holds an Australian financial services licence covering the provision of the service; and
 (ii) the provider is an employee or director of the principal or of a related body corporate of the principal; and
 (iii) the provider is not an employee or director, or authorised representative, of any other person who carries on a financial services business and who is not a related body corporate of the principal; and
 (iv) the provider is not an employee or director, or authorised representative, of a related body corporate of a person of the kind mentioned in subparagraph (iii);
 (b) these conditions are satisfied:
 (i) the principal holds an Australian financial services licence covering the provision of the service; and
 (ii) the provider is an authorised representative of the principal; and
 (iii) the authorisation covers the provision of the service by the provider; and
 (iv) in the case of a provider who is an employee or director of any other person (the second principal) who carries on a financial services business, or of a related body corporate of such a second principal—if the provider provides any financial services in this jurisdiction on behalf of the second principal, the provider does so as an authorised representative of the second principal;
 (c) these conditions are satisfied:
 (i) the principal holds an Australian financial services licence covering the provision of the service; and
 (ii) the provider is an employee of an authorised representative of the principal; and
 (iii) the authorisation covers the provision of the service by the authorised representative; and
 (iv) the service is the provision of a basic deposit product or of a facility for making non‑cash payments (see section 763D) that is related to a basic deposit product, or is the provision of a financial product of a kind prescribed by regulations made for the purposes of this subparagraph;
 (d) the provider holds their own Australian financial services licence covering the provision of the service;

Note: However, in general a financial services licensee cannot be the authorised representative of another financial services licensee: see sections 916D and 916E.
 (e) if the principal (rather than the provider) provided the service, the principal would not need an Australian financial services licence because the provision of the service would be exempt under subsection 911A(2).

Note 1: Also, a person must not provide a financial service