Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 6 - Financial records, statements and audit  

Subdivision C - Financial statements of financial services licensees  

REGULATION 7.8.12A   MODIFICATION OF SECTION 989B OF THE ACT  

7.8.12A(1)    
For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if subsection 989B(3) were modified to read as follows:

" (3)
The licensee must, with the statement and balance sheet, lodge with ASIC:

(a) for a licensee who is a limited licensee for the whole of a financial year - a compliance certificate containing the information and matters required by the regulations; or

(b) for a licensee who is a limited licensee for part of a financial year:

(i) a compliance certificate containing the information and matters required by the regulations for the part of the financial year that the licensee was a limited licensee; and

(ii) an auditor ' s reporting containing the information and matters required by the regulations for the part of the financial year that the licensee was not a limited licensee; or

(c) for all other licensees - an auditor ' s report containing the information and matters required by the regulations.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)). " .

7.8.12A(2)    

For paragraph 992C(1)(c) of the Act, Part 7.8 of the Act applies as if section 989B of the Act were modified by inserting after subsection 989B(3) the following subsection:

" (4)
In this section:

class of product advice
(Repealed by FRLI No F2023L01458, Sch 1 [ 206] (effective 1 November 2023).)

limited financial service
means the following financial services:

(a) financial product advice on self managed superannuation funds;

(b) financial product advice on superannuation products in relation to a person ' s existing holding in a superannuation product but only to the extent required for:

(i) making a recommendation that the person establish a self managed superannuation fund; or

(ii) providing advice to the person on contributions or pensions under a superannuation product;

(c) class of product advice on the following:

(i) superannuation products;

(ii) securities;

(iii) simple managed investment schemes;

(iv) general insurance products;

(v) life risk insurance products;

(vi) basic deposit products;

(d) arrange to deal in an interest in a self managed superannuation fund.

Note: Financial product advice on self managed superannuation funds includes advice about acquiring or disposing of an interest in a self managed superannuation fund.

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History

Definition of limited financial service amended by FRLI No F2023L01458, Sch 1 [ 207] and [ 208] (effective 1 November 2023).

Definition of limited financial service amended by FRLI No F2019L01641, Sch 1 [ 10] - [ 12] (effective 18 December 2019).

limited licensee
means a financial services licensee that:

(a) does not deal with money to which Division 2 of Part 7.8 of the Act applies; and

(b) is only licensed to provide one or more limited financial services.

simple managed investment scheme
has the same meaning as in the regulations. " .