Document ID: chunk:federal_register_of_legislation:F2023C00840:body:0:p3
Version: federal_register_of_legislation:F2023C00840
Segment Type: other
Provision Reference: 
Character Range: 5257–8164

financial services licence if certain circumstances exist.

Note 2: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption under section 926A of the Act.

6 Where the relief applies

The exemption in section 5 is available where all of the following apply:
(a) a related body corporate (the manager) of the trustee holds an Australian financial services licence that:
(i) authorises the manager to provide all of the wholesale equity financial services that are provided by the trustee in reliance on section 5; and
(ii) contains conditions to the effect that the manager must:
(A) as far as possible, comply with the Act as if the trustee were providing those wholesale equity financial services as the manager's representative; and
(B) have in place a deed poll that contains enforceable, unlimited and irrevocable covenants, for the benefit of each person (beneficiary) to whom the trustee provides a wholesale equity financial service, to the effect that the manager will indemnify the beneficiary in relation to any liability (other than an exempt liability) that arises from the trustee's provision of a wholesale equity financial service to the beneficiary; and
(C) for the purposes of the relevant financial conditions of the manager's Australian financial services licence—treat the assets, liabilities, cash inflows and cash outflows of the trustee as though they were included in the assets, liabilities, cash inflows and cash outflows of the manager;
              Note:  The manager will also need to comply with sections 912AA and 912AC of the Act (as notionally inserted by ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647 and ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648 and if otherwise applicable to the manager) as if the assets, liabilities, cash inflows and cash outflows of the trustee were included in the assets, liabilities, cash inflows and cash outflows of the manager: see notional subsections 912AA(2A) and 912AC(2A) of the Act.
(b) if the trustee or manager becomes aware or should reasonably have become aware of matters that give it reason to believe that the trustee has failed to comply, other than in an immaterial respect, with the conditions in section 7, 10 business days have not elapsed without full particulars of the failure having been provided to ASIC in writing (to the extent that the trustee or manager knows those particulars or would have known them if it had undertaken reasonable enquiries).

7 Conditions
(1) The trustee must comply with:
           (a) for so long