Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p11
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 11/60)
Character Range: 842079–844905

and requires it to take reasonable steps to correct personal information that is wrong or misleading so that the information is accurate, up to date, complete, relevant and not misleading (see Schedule 1 to the Privacy Act 1988).

7.6.06D  Register of Relevant Providers—prescribed instruments
 (1) For the purposes of subsection 922Q(3) of the Act, the following kinds of instrument made under subsection 921K(1) of the Act are prescribed:
 (a) a direction (other than a direction covered by subregulation (2)) that a relevant provider:
 (i) undertake specified training; or
 (ii) receive specified counselling; or
 (iii) receive specified supervision; or
 (iv) report specified matters to ASIC;
 (b) a registration suspension order;
 (c) a registration prohibition order.
 (2) A direction is covered by this subregulation if:
 (a) on a particular occasion, one or more instruments are made under subsection 921K(1) of the Act in relation to a relevant provider; and
 (b) the direction is that instrument or one of those instruments; and
 (c) that occasion is the first occasion on which an instrument is made under that subsection in relation to the relevant provider.

7.6.07  Restriction on use of certain words or expressions
  For subparagraph 923A(2)(b)(iii) of the Act, any other person in respect of whom section 942B or 942C of the Act makes provision for information to be provided in a financial services guide in relation to the receipt of remuneration or other benefits is prescribed.

7.6.07A  Modification of section 923C
  For paragraph 926B(1)(c) of the Act, Part 7.6 of the Act applies as if subsections 923C(1) to (10) of the Act were modified to read as follows:
 "(1) An individual contravenes this subsection if:
 (a) the individual carries on a financial services business or provides a financial service (whether or not on behalf of another person); and
 (b) the individual assumes or uses, in this jurisdiction, a restricted word or expression in relation to the service; and
 (c) any of the following apply:
 (i) the individual is not a relevant provider;
 (ii) the individual is a provisional relevant provider;
 (iii) the individual is a limited‑service time‑sharing adviser.
Note 1: For the meanings of restricted word or expression and assume or use, see subsections (8) and (9) of this section.
Note 2: A contravention of this subsection is an offence (see subsection 1311(1)).
 (2) A person contravenes this subsection if:
 (a) the person carries on a financial services business or provides a financial service; and
 (b) an individual provides a financial service on behalf of the person; and
 (c) the person assumes or uses, in this jurisdiction, a restricted word or expression in relation to the service; and
 (d) any of the following apply:
 (i) the individual is not a relevant provider;