Corporations Regulations 2001
CHAPTER 7
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FINANCIAL SERVICES AND MARKETS
PART 7.8A
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DESIGN AND DISTRIBUTION REQUIREMENTS RELATING TO FINANCIAL PRODUCTS FOR RETAIL CLIENTS
Division 1
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Preliminary
REGULATION 7.8A.02
MEANING OF REGULATED PERSON
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PRESCRIBED PERSONS
7.8A.02(1)
This regulation is made for the purposes of paragraph (c) of the definition of regulated person in subsection 994A(2) of the Act.
Persons who are exempt from having an Australian financial services licence
7.8A.02(2)
A person is prescribed in relation to a financial product if the person is exempt from the requirement in section 911A of the Act to hold an Australian financial services licence under either of the following provisions of the Act: (a) paragraph 926A(2)(a) ; (b) paragraph 926B(1)(a) .
Product distributors
7.8A.02(3)
A product distributor within the meaning of section 910A of the Act (as modified by the ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 ) is prescribed in relation to the following financial products: (a) a basic deposit product; (b) a general insurance product; (c) a bundled consumer credit insurance product (within the meaning of that instrument).
Credit licensees
7.8A.02(4)
Each of the following persons is prescribed in relation to a financial product that is a credit facility: (a) a person who is a licensee within the meaning of the National Consumer Credit Protection Act 2009 (the Credit Act ); (b) a person who is a credit representative (within the meaning of the Credit Act) of such a licensee; (c) a person who is exempt from the operation of section 29 of the Credit Act (which is about the requirement to hold a credit licence) under any of the following provisions of that Act:
Issuers and sellers of extended operation financial products
7.8A.02(5)
Each of the following persons is prescribed in relation to an extended operation financial product: (a) a person who issues the product; (b) a person who sells the product under a regulated sale.
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
This regulation is made for the purposes of paragraph (c) of the definition of regulated person in subsection 994A(2) of the Act.
Persons who are exempt from having an Australian financial services licence
7.8A.02(2)
A person is prescribed in relation to a financial product if the person is exempt from the requirement in section 911A of the Act to hold an Australian financial services licence under either of the following provisions of the Act: (a) paragraph 926A(2)(a) ; (b) paragraph 926B(1)(a) .
Product distributors
7.8A.02(3)
A product distributor within the meaning of section 910A of the Act (as modified by the ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 ) is prescribed in relation to the following financial products: (a) a basic deposit product; (b) a general insurance product; (c) a bundled consumer credit insurance product (within the meaning of that instrument).
Credit licensees
7.8A.02(4)
Each of the following persons is prescribed in relation to a financial product that is a credit facility: (a) a person who is a licensee within the meaning of the National Consumer Credit Protection Act 2009 (the Credit Act ); (b) a person who is a credit representative (within the meaning of the Credit Act) of such a licensee; (c) a person who is exempt from the operation of section 29 of the Credit Act (which is about the requirement to hold a credit licence) under any of the following provisions of that Act:
(i) paragraph 109(1)(a) ;
(ii) paragraph 109(3)(a) ;
(d) a person who engages in a credit activity (within the meaning of section 6 of the Credit Act) on the person ' s own behalf; (e) a person who contravenes section 29 of the Credit Act.
(iii) paragraph 110(1)(a) ;
Issuers and sellers of extended operation financial products
7.8A.02(5)
Each of the following persons is prescribed in relation to an extended operation financial product: (a) a person who issues the product; (b) a person who sells the product under a regulated sale.
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