Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.6 - LICENSING OF PROVIDERS OF FINANCIAL SERVICES  

Division 1 - Preliminary  

SECTION 910A   910A   DEFINITIONS  

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(Repealed by No 115 of 2021, s 3, Sch 1[18] (effective 1 January 2022).)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(Repealed by No 3 of 2020, s 3, Sch 4 [ 4] (effective 18 February 2020).)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(Repealed by No 115 of 2021, s 3, Sch 1[18] (effective 1 January 2022).)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 .

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 .

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 .