Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

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.

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, as in force from time to time, made by the standards body under paragraph 921U(2)(b) .

compliance scheme
has the meaning given by section 921G .

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(Repealed by No 3 of 2020, s 3, Sch 4 [ 4] (effective 18 February 2020).)

covers
, in relation to a compliance scheme, has the meaning given by section 921J .

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 .

foreign qualification
means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.

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
for a compliance scheme means the person that monitors and enforces compliance with the Code of Ethics under the scheme.

notice provision
means section 922D , 922H , 922HA , 922HB , 922HD , 922J or 922K .

professional association
means a body or association that represents a section of the financial services industry.

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 .

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

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

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 .

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.

standards body
means the body corporate in relation to which a declaration under section 921X is in force.

supervisor
of a provisional relevant provider has the meaning given by subsection 921F(2) .


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