ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date  1 December 2016

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Declaration

5 Exempt service

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Recognised Accountants: Exempt Services) Instrument 2016/1151.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

limited licensee has the meaning given by subsection 912A(4) of the Act (as notionally inserted by subregulation 7.6.01BA(3) of the Regulations).

Regulations means the Corporations Regulations 2001.

Part 2—Declaration

5 Exempt service

Part 7.6 of the Act (other than Divisions 4 and 8) applies in relation to limited licensees as if regulation 7.1.29 of the Regulations was modified or varied as follows:

(a) after paragraph (4)(a) insert:

“(aa) if the person is a limited licensee or a representative of a limited licensee—the advice mentioned in paragraph (a) is not covered by an authorisation in the licence held by the limited licensee; and”;   

(b) omit subparagraph (4)(c)(ii), substitute:

“(ii) the advice constitutes financial product advice to a retail client and it includes, or is accompanied by, a written statement that:

(A) the person providing the advice is a limited licensee or a representative of a limited licensee (as applicable), who is authorised to provide one or more limited financial services; and

(B) taxation is only one of the matters that must be considered when making a decision on a financial product; and

(C) the client should consider taking advice from the holder of an Australian financial services licence other than a limited licensee before making a decision on a financial product.”;

(c) in subregulation (6) insert the following definitions:

“limited financial services has the meaning given by subsection 912A(4) of the Act (as notionally inserted by subregulation 7.6.01BA(3)).

limited licensee has the meaning given by subsection 912A(4) of the Act (as notionally inserted by subregulation 7.6.01BA(3)).”.