Corporations Amendment Regulation 2013 (No. 3) (101 of 2013)

Schedule 1   Amendments commencing on 1 July 2013

Corporations Regulations 2001

4   At the end of regulation 7.6.04

Add:

(3)In this regulation:

class of product advice means financial product advice about a class of products but does not include a recommendation about a specific product in the class.

Example:A financial services licensee may give a recommendation about term deposit products but must not make a specific recommendation that a person deposit their money into a term deposit product offered by a particular bank or building society.

limited financial services 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 1:See section 761A of the Act for the meaning of basic deposit product , financial product advice , general insurance product , life risk insurance product , self-managed superannuation fund and superannuation product .

Note 2:See subregulation 1.0.02(1) for the meaning of simple managed investment scheme .

Note 3:Financial product advice on self-managed superannuation funds includes advice about acquiring or disposing of an interest in a self-managed superannuation fund.

limited licensee means a financial services licensee that:

(a)is:

(i)a recognised accountant; or

(ii)a corporation that has one or more recognised accountants that supervise and have responsibility for the provision of financial services covered by its licence; or

(iii)a partnership that has one or more recognised accountants that supervise and have responsibility for the provision of financial services covered by its licence; and

(b)applied for the financial services licence between 1 July 2013 and 30 June 2016; and

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

recognised accountant means:

(a)a member of CPA Australia who:

(i)holds a Public Practice Certificate issued by CPA Australia Ltd; and

(ii)is entitled to use the letters "CPA" or "FCPA"; and

(iii)is subject to, and complies with, CPA Australia's continuing professional education requirements; or

(b)a member of The Institute of Chartered Accountants in Australia ( ICAA ) who:

(i)holds a Certificate of Public Practice issued by ICAA; and

(ii)is entitled to use the letters "ACA", "CA" or "FCA"; and

(iii)is subject to, and complies with, ICAA's continuing professional education requirements; or

(c)a member of the Institute of Public Accountants ( IPA ) who:

(i)holds a Public Practice Certificate issued by IPA; and

(ii)is entitled to use the letters "FIPA" or "MIPA"; and

(iii)is subject to, and complies with, IPA's continuing professional education requirements.