Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p78
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 78/148)
Character Range: 527019–529792

by preparing a document of registration or transfer in order to complete administrative tasks on instructions from the person;
 (h) provides advice about the provision of financial products as security, other than where the security is provided for the acquisition of other financial products.
 (3A) For this regulation, a person also provides an exempt service if the person:
 (a) is registered as an auditor under Part 9.2 of the Act; and
 (b) performs any of the functions of a cover pool monitor mentioned in subsection 30(4) of the Banking Act 1959.
 (4) For this regulation, a person also provides an exempt service if:
 (a) the person provides advice to another person on taxation issues including advice in relation to the taxation implications of financial products; and
 (b) the person will not receive a benefit (other than from the person advised or an associate of the person advised) as a result of the person advised acquiring a financial product mentioned in the advice, or a financial product that falls within a class of financial products mentioned in the advice; and
 (c) either:
 (i) the advice does not constitute financial product advice to a retail client; or
 (ii) the advice constitutes financial product advice to a retail client and it includes, or is accompanied by, a written statement that:
 (A) the person providing the advice is not licensed to provide financial product advice under the Act; and
 (B) taxation is only one of the matters that must be considered when making a decision on a financial product; and
 (C) the client should consider taking advice from the holder of an Australian Financial Services Licence before making a decision on a financial product.
 (5) For this regulation, a person also provides an exempt service if:
 (a) the person provides advice in relation to the establishment, operation, structuring or valuation of a superannuation fund, other than advice for inclusion in an exempt document or statement; and
 (b) the person advised is, or is likely to become:
 (i) a trustee; or
 (ii) a director of a trustee; or
 (iii) an employer‑sponsor; or
 (iv) a person who controls the management;
  of the superannuation fund; and
 (c) except for advice that is given for the sole purpose, and only to the extent reasonably necessary for the purpose, of ensuring compliance by the person advised with the SIS Act (other than paragraph 52(2)(f)), the SIS Regulations (other than regulation 4.09) or the Superannuation Guarantee (Administration) Act 1992—the advice:
 (i) does not relate to the acquisition or disposal by the superannuation fund of specific financial products or classes of financial products; and
 (ii) does not include a recommendation that a person acquire or dispose of a superannuation product; and