Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p71
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 71/73)
Character Range: 1866382–1869045

product.

10.2.209  Confirmation of transactions
 (1) For section 1444 of the Act, this regulation applies in relation to a basic deposit product:
 (a) for which the holder of the product is provided with, and keeps, a document commonly referred to as a 'passbook' into which entries of deposits to and withdrawals from the product are recorded by the product issuer; and
 (b) that was issued before the FSR commencement.
 (2) Section 1017F of the Act does not apply in relation to the basic deposit product.

Division 47—Agreements with unlicensed persons relating to the provision of financial services

10.2.210  Agreements
 (1) For section 1444 of the Act, this regulation applies if:
 (a) a person (person 1) enters into an agreement with another person (person 2) in the course of an activity conducted by person 2; and
 (b) at that time, Part 7.6 of the Act does not apply to person 2 in relation to the activity; and
 (c) the activity would constitute carrying on a financial services business if Part 7.6 of the Act applied to person 2 in relation to the activity; and
 (d) the agreement is not completed when Part 7.6 of the Act first applies to person 2 in relation to the activity; and
 (e) when Part 7.6 of the Act first applies to person 2 in relation to the activity, person 2:
 (i) does not hold an Australian financial services licence covering the activity; and
 (ii) is not exempt from the requirement to hold that licence.
 (2) Division 11 of Part 7.6 of the Act applies in relation to the agreement to the extent that that Division is not inconsistent with Division 2 of Part 7.3 of the old Corporations Act.

Division 48—Arrangements for Lloyd's

10.2.211  Lloyd's
 (1) For section 1444 of the Act, subsection 911A(1) of the Act does not apply in relation to a financial service:
 (a) that is provided by:
 (i) a Lloyd's underwriting member; or
 (ii) a listed Lloyd's syndicate of underwriting members; and
 (b) to which subregulation (2) applies.
 (2) The financial service must be a service in relation to which the Lloyd's underwriting member, or the syndicate, is regulated by APRA at any time within 2 years after the FSR commencement.
 (3) In this regulation:
Lloyd's means the society incorporated by the Act of the United Kingdom known as the Lloyd's Act 1871.

Division 49—Hawking of certain financial products

10.2.212  Hawking of managed investment products
 (1) For section 1444 of the Act, a reference in subsection 992AA(2) of the Act to a financial services licensee includes a regulated principal.
 (2) Subregulation (1) ceases to apply in relation to a regulated principal at the end of the transition period in relation to