Corporations Act 2001
[ CCH Note: Ch 7 will be amended by No 8 of 2022, s 3, Sch 2, by inserting the note, (effective 1 July 2022). The note will read:
For the purposes of this Chapter, subject to paragraph (2)(b) , a person provides a financial service if they: (a) provide financial product advice (see section 766B ); or (b) deal in a financial product (see section 766C ); or (c) make a market for a financial product (see section 766D ); or (d) operate a registered scheme; or (e) provide a custodial or depository service (see section 766E ); or (ea) 766F ); or (eb) 766G ); or (ec) 766H ); or (f) engage in conduct of a kind prescribed by regulations made for the purposes of this paragraph.
[ CCH Note: S 766A(1) will be amended by No 8 of 2022, s 3, Sch 2, by inserting para (da) (effective 1 July 2022). Para (da) will read:
(da) operate the business and conduct the affairs of a CCIV; or]
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) .
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) ).
The regulations may set out: (a) the circumstances in which persons facilitating the provision of a financial service (for example, by publishing information) are taken also to provide that service; or (b) the circumstances in which persons are taken to provide, or are taken not to provide, a financial service.
To avoid doubt, a person ' s conduct is not the provision of a financial service if it is done in the course of work of a kind ordinarily done by clerks or cashiers.
For the purposes of this section, a person is not operating a registered scheme merely because: (a) they are acting as an agent or employee of another person; or (b) they are taking steps to wind up the scheme.
The fact that conduct constitutes the provision of a financial service is not to be taken to imply that the conduct does not also constitute the provision of another financial service.
Note: For example, conduct may constitute providing a superannuation trustee service and also providing another financial service (such as dealing in a financial product that is a superannuation product).