Document ID: chunk:federal_register_of_legislation:C2025C00185:section:923c:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 923C (pt 1/3)
Character Range: 3856876–3859568

923C  Restriction on use of terms "financial adviser" and "financial planner"
 (1) A person contravenes this subsection if:
 (a) the person carries on a financial services business or provides a financial service (whether or not on behalf of another person); and
 (b) the person 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 person is not a relevant provider;
 (ii) the person is a provisional relevant provider;
 (iii) the person 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 (the first person) contravenes this subsection if:
 (a) the first person carries on a financial services business or provides a financial service; and
 (b) another person provides a financial service on behalf of the person; and
 (c) the first 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 first person is not a relevant provider;
 (ii) the first person is a provisional relevant provider;
 (iii) the first person 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)).

Advice to wholesale clients
 (3) It is not a contravention of subsection (1) for a person to assume or use a restricted word or expression if:
 (a) the person provides advice to wholesale clients; and
 (b) the person assumes or uses the restricted word or expression only in relation to that advice.
Note: A defendant bears an evidential burden in relation to the matters in subsection (3). See subsection 13.3(3) of the Criminal Code.
 (4) It is not a contravention of subsection (2) for a person to assume or use a restricted word or expression if:
 (a) another person (the adviser) provides a financial service on behalf of the person; and
 (b) the adviser provides advice to wholesale clients; and
 (c) the person assumes or uses the restricted word or expression only in relation to that advice.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4). See subsection 13.3(3) of the Criminal Code.

Advice as employee or director
 (5) It is not a contravention of subsection (1) for a person to assume or use a restricted word or expression if:
 (a) the person is an employee or director of a