Corporations Act 2001
Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .
CCH Note: Division 1 is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705.
CCH Note: Section 910A is modified by the ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449; the ASIC Corporations (Incidental Retail Cover) Instrument 2022/716; and the ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705.
In this Part, unless the contrary intention appears:
basic banking product
has the meaning given by section
961F
.
body corporate licensee
means a body corporate that:
(a) is a financial services licensee; and
(b) is authorised to provide personal advice to retail clients in relation to relevant financial products.
cancellation time
, in relation to a registration prohibition order, has the meaning given by subparagraph
921L(1)(c)(i)
.
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.
Code of Ethics
means the Code of Ethics in force under section
921E
.
compliance scheme
(Repealed by No 115 of 2021, s 3, Sch 1[18] (effective 1 January 2022).)
consumer credit insurance
has the meaning given by section
11
of the
Insurance Contracts Act 1984
.
control
(Repealed by No 3 of 2020, s 3, Sch 4
[
4] (effective 18 February 2020).)
core obligation
has the meaning given by subsection
912D(3)
.
covers
(Repealed by No 115 of 2021, s 3, Sch 1[18] (effective 1 January 2022).)
CPD provision
(short for continuing professional development provision) means:
(a) subsection 921BA(4) ; or
(b) subsection 921BB(3) .
CPD year
(short for continuing professional development year): a financial services licensee
'
s
CPD year
is the 12-month period beginning on the day of the year included in the most recent notice given by the licensee under section
922HA
.
education and training standards
has the meaning given by section
921B
.
Financial Services and Credit Panel
has the same meaning as in the ASIC Act.
foreign qualification
means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.
knowledge
, in Subdivisions
B
and
C
of Division
3
of this Part, has the meaning given by section
5.3
of the
Criminal Code
.
limited-service time-sharing adviser
: a person is a
limited-service time-sharing adviser
if:
(a) the person is a relevant provider; and
(b) the only relevant financial product that the person provides advice in relation to is a time-sharing scheme; and
(c) the person has not met any one or more of the education and training standards in subsections 921B(2) to (4) .
monitoring body
(Repealed by No 115 of 2021, s 3, Sch 1[20] (effective 1 January 2022).)
notice provision
means section
922D
,
922H
,
922HA
,
922HB
,
922J
or
922K
.
professional association
(Repealed by No 115 of 2021, s 3, Sch 1[22] (effective 1 January 2022).)
prohibition end day
, in relation to a registration prohibition order, has the meaning given by subparagraph
921L(1)(c)(ii)
.
proposed action notice
has the meaning given by subsection
921P(1)
.
provisional relevant provider
means a relevant provider who is undertaking work and training in accordance with subsection
921B(4)
.
Note: For rules relating to provisional relevant providers, see Subdivision C of Division 8A and section 923C .
qualified tax relevant provider
: a person is a
qualified tax relevant
provider if:
(a) the person is a relevant provider; and
(b) if a determination is in force under subsection 921BB(1) - the person meets each requirement set out in the determination that is of a kind mentioned in any of paragraphs (a) to (d) of that subsection.
recent advising history
has the meaning given by section
922G
.
[ CCH Note: Definition of recent advising history will be repealed by No 69 of 2020, s 3, Sch 1[1140] (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
recklessness
, in Subdivisions
B
and
C
of Division
3
of this Part, has the meaning given by section
5.4
of the
Criminal Code
.
Reference Checking and Information Sharing Protocol
means the protocol determined by ASIC under subsection
912A(3A)
.
Register of Relevant Providers
means the Register of Relevant Providers maintained under section
922Q
.
[ CCH Note: Definition of Register of Relevant Providers will be repealed by No 69 of 2020, s 3, Sch 1[1141] (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
registration prohibition order
has the meaning given by paragraph
921L(1)(c)
.
registration suspension order
has the meaning given by paragraph
921L(1)(b)
.
relevant financial products
means financial products other than:
(a) basic banking products; or
(b) general insurance products; or
(c) consumer credit insurance; or
(d) a combination of any of those products.
relevant provider
: a person is a
relevant provider
if the person:
(a) is an individual; and
(b) is:
(i) a financial services licensee; or
(ii) an authorised representative of a financial services licensee; or
(iii) an employee or director of a financial services licensee; or
(iv) an employee or director of a related body corporate of a financial services licensee; and
(c) is authorised to provide personal advice to retail clients, as the licensee or on behalf of the licensee, in relation to relevant financial products.
Note: For rules about when relevant providers can use the expressions " financial adviser " and " financial planner " , see section 923C .
reportable situation
has the meaning given by section
912D
.
representative
of a person means:
(a) if the person is a financial services licensee:
(i) an authorised representative of the licensee; or
(ii) an employee or director of the licensee; or
(iii) an employee or director of a related body corporate of the licensee; or
(iv) any other person acting on behalf of the licensee; or
(b) in any other case:
(i) an employee or director of the person; or
(ii) an employee or director of a related body corporate of the person; or
(iii) any other person acting on behalf of the person.
response period
, for a proposed action notice, has the meaning given by paragraph
921P(2)(b)
.
restricted civil penalty provision
has the meaning given by subsection
921Q(3)
.
standards body
(Repealed by No 115 of 2021, s 3, Sch 1[24] (effective 1 January 2022).)
supervisor
of a provisional relevant provider has the meaning given by subsection
921F(2)
.
suspension period
, in relation to a registration suspension order, has the meaning given by paragraph
921L(1)(b)
.
tax (financial) advice service
has the same meaning as in the
Tax Agent Services Act 2009
.
Tax Practitioners Board
means the Tax Practitioners Board established by section
60-5
of the
Tax Agent Services Act 2009
.
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