Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 9   Terms relating to financial services and markets

Corporations Act 2001

260   Section 9

Insert:

provide :

(a) in relation to a financial product - provide has a meaning affected by section 761E; and

(b) in Subdivision A (volume-based shelf-space fees) of Division 5 of Part 7.7A - provider has the meaning given by subsection 964(2).

provisional relevant provider means a relevant provider who is undertaking work and training in accordance with subsection 921B(4).

public sector superannuation scheme has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

purchase of a financial product, for the purposes of Part 7.8A (design and distribution requirements) and Part 7.9 (financial product disclosure), has the meaning given by subsection 1010C(1).

Note: Section 1010C applies for the purposes of Part 7.8A: see subsection 994A(3).

qualified tax relevant provider has the meaning given by section 910A.

reasonable investigation into financial products has a meaning affected by section 961D.

reasonably apparent :

(a) for the purposes of Division 2 (best interests obligations) of Part 7.7A - has the meaning given by section 961C; and

(b) for the purposes of Subdivision B (asset-based fees on borrowed amounts) of Division 5 of Part 7.7A - has the meaning given by section 964H.

recent advising history has the meaning given by section 922G.

recommendation situation has the meaning given by paragraph 1012A(2)(a).

Reference Checking and Information Sharing Protocol means the protocol determined by ASIC under subsection 912A(3A).

registered tax agent or BAS agent has the same meaning as in the Tax Agent Services Act 2009.

Register of Relevant Providers means the Register of Relevant Providers maintained under section 922Q.

registration prohibition order has the meaning given by paragraph 921L(1)(c).

registration suspension order has the meaning given by paragraph 921L(1)(b).

regulated person :

(a) in relation to a financial product:

(i) in Part 7.8A (design and distribution requirements) - has the meaning given by subsection 994A(2); and

(ii) in Divisions 2 (Product Disclosure Statements) and 7 (enforcement) of Part 7.9 - has the meaning given by section 1011B; and

(c) in relation to a CGS depository interest, in Division 5C (information about CGS depository interests) of Part 7.9 - has the meaning given by subsection 1020AH(2).

regulated sale means a sale:

(a) that, under subsection 707(2), (3) or (5), needs disclosure to investors under Part 6D.2; or

(b) in relation to which a Product Disclosure Statement must be given under subsection 1012C(5), (6) or (8); or

(c) made in circumstances prescribed by regulations made for the purposes of this paragraph.

regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

relevant conduct :

(a) for an issue situation - has the meaning given by paragraph 1012B(2)(b); and

(b) for a recommendation situation - has the meaning given by paragraph 1012A(2)(b); and

(c) for a sale situation - has the meaning given by paragraph 1012C(2)(b).

relevant Division 3 financial products has the meaning given by subsection 1042A(1).

Note: This definition refers to Division 3 (insider trading prohibitions) of Part 7.10.

relevant financial products has the meaning given by section 910A.

relevant personal circumstances has the meaning given by section 761A.

relevant provider has the meaning given by section 910A.

renewal period for an anniversary day for an ongoing fee arrangement has the meaning given by section 962L.