Corporations Act 2001
(a) a financial service related to a risk insurance product or an investment life insurance product is provided to a person as a retail client by a financial services licensee, or an authorised representative of a financial services licensee, acting under a binder;
(b) a financial services licensee, or an authorised representative of a financial services licensee, arranges for a person's instructions to be carried out through a financial market or a clearing and settlement facility (whether inside or outside Australia) that is not a licensed market or a licensed CS facility;
[ CCH Note: There is no paragraph 949B(1)(c).]
(d) a financial service is provided by a person who does not need an Australian financial services licence because the person is covered by an exemption under paragraph 911A(2) (k) or (l);
(e) a financial service is provided to a person as a wholesale client. 949B(2) [ Compliance with regulations]
A person to whom regulations made for the purposes of subsection (1) apply must comply with any applicable requirements in those regulations.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).949B(3) [ Defence]
(a) the licensee had provided the authorised representative with information or instructions about the requirements to be complied with in relation to the matter dealt with in the requirement in the regulations; and
(b) the representative's failure to comply with the requirement in the regulations occurred because the representative was acting in reliance on that information or those instructions; and
(c) the representative's reliance on that information or those instructions was reasonable.
Note: A defendant bears an evidential burden in relation to the matters in subsection (3). See subsection 13.3(3) of the Criminal Code .949B(4) [ Licensee must ensure compliance]
A financial services licensee must take reasonable steps to ensure that an authorised representative of the licensee complies with subsection (2).
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
[ CCH Note: The next Division is Div 6.]