Corporations Amendment Regulation 2013 (No. 4) (115 of 2013)

Schedule 1   Amendments

Corporations Regulations 2001

4   Subregulation 7.7A.12D(2)

Insert:

specified service means a service which:

(a) is provided for retail clients under the name or brand name of:

(i) the financial services licensee that is not a trading participant; or

(ii) the trading participant and the financial services licensee that is not a trading participant; and

(b) relates to the dealing, on behalf of the retail client, in a financial product traded on:

(i) a prescribed financial market; or

(ii) a prescribed foreign financial market; and

(c) is provided in either or both of the following ways:

(i) by direct electronic access;

(ii) by telephone, but only if:

(A) direct electronic access is not available for a temporary period, or the retail client expresses a preference that the service be provided by telephone; and

(B) neither the trading participant nor the financial services licensee that is not a trading participant is to provide financial product advice to the retail client by telephone in relation to the dealing undertaken on the retail client’s behalf; and

(d) is provided in circumstances in which neither the trading participant nor the financial services licensee that is not a trading participant provides personal advice to the retail client in relation to the dealing undertaken on the retail client’s behalf.