Commonwealth Consolidated Acts Commonwealth Consolidated ActsGeneral
(1) Subject to paragraph (2)(b), a person provides a financial service if they:
(a) provide financial product advice; or
(b) deal in a financial product; or
(c) make a market for a financial product; or
(d) operate a registered scheme; or
(da) operate the business and conduct the affairs of a CCIV; or
(e) provide a custodial or depository service; or
(ea) provide a crowd - funding service; or
(eb) provide a claims handling and settling service; or
(ec) provide a superannuation trustee service; or
(f) engage in conduct of a kind prescribed by regulations made for the purposes of this paragraph.
Provision of traditional trustee company services by trustee company
(1A) Subject to paragraph (2)(b), the provision by a trustee company of a traditional trustee company service constitutes the provision, by the company, of a financial service .
Note: Trustee companies may also provide other kinds of financial service mentioned in subsection (1).
(1B) The regulations may, in relation to a traditional trustee company service of a particular class, prescribe the person or persons to whom a service of that class is taken to be provided. This subsection does not limit (and is not limited by) subsection (2).
Note: A traditional trustee company service is provided to a person as a retail client unless regulations provide otherwise (see subsection 761G(6A)).
Regulations may deal with various matters
(2) The regulations may set out:
(a) the circumstances in which persons facilitating the provision of a financial service (for example, by publishing information) are taken also to provide that service; or
(b) the circumstances in which persons are taken to provide, or are taken not to provide, a financial service.
Exception for work ordinarily done by clerks or cashiers
(3) To avoid doubt, a person's conduct is not the provision of a financial service if it is done in the course of work of a kind ordinarily done by clerks or cashiers.
Meaning of operating a registered scheme
(4) For the purposes of this section, a person is not operating a registered scheme merely because:
(a) they are acting as an agent or employee of another person; or
(b) they are taking steps to wind up the scheme.
Overlap between financial services
(5) The fact that conduct constitutes the provision of a financial service is not to be taken to imply that the conduct does not also constitute the provision of another financial service.
Note: For example, conduct may constitute providing a superannuation trustee service and also providing another financial service (such as dealing in a financial product that is a superannuation product).