Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 (108 of 2009)

Schedule 2   Trustee companies

Corporations Act 2001

19   After subsection 766A(1)

Insert:

Provision of traditional trustee company services by trustee company

(1A) Subject to paragraph (2)(b), the provision by a trustee company of a traditional trustee company service constitutes the provision, by the company, of a financial service .

Note: Trustee companies may also provide other kinds of financial service mentioned in subsection (1).

(1B) The regulations may, in relation to a traditional trustee company service of a particular class, prescribe the person or persons to whom a service of that class is taken to be provided. This subsection does not limit (and is not limited by) subsection (2).

Note: A traditional trustee company service is provided to a person as a retail client unless regulations provide otherwise (see subsection 761G(6A)).

Note 1: The following heading to subsection 766A(1) is inserted “General”.

Note 2: The following heading to subsection 766A(2) is inserted “Regulations may deal with various matters”.

Note 3: The following heading to subsection 766A(3) is inserted “Exception for work ordinarily done by clerks or cashiers”.

Note 4: The following heading to subsection 766A(4) is inserted “Meaning of operating a registered scheme ”.