Australian Securities and Investments Commission Corporations (Amendment) Instrument 2017/464 (Cth)

ASIC Corporations (Amendment) Instrument 2017/464

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

Date                24 May 2017

Grant Moodie

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedule

Schedule 1—Amendments

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

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2017/464.

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 Authority

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

4        Schedule

Each instrument that is specified in the Schedule to this instrument is amended as set out in the applicable items in the Schedule.

Schedule 1—Amendments

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

1        Section 5

Omit “in relation to limited licensees”, substitute “in relation to financial services licensees (including limited licensees)”

2        Paragraph 5(a) (notional paragraph 7.1.29(4)(aa))

Omit, substitute:

(aa)    if the person is a financial services licensee (including a limited licensee) or a representative of a licensee—the advice mentioned in paragraph (a):

(i)      in relation to the licensee or the representative—is not covered by an authorisation in the licence held by the licensee; or

(ii)     in relation to the representative—is not covered by the authorisation given by the licensee to the representative; and

3        Paragraph 5(b) (notional sub-subparagraph 7.1.29(4)(c)(ii)(A))

Omit, substitute:

(A)    the person providing the advice is not licensed or authorised (as applicable) to provide financial product advice of the kind mentioned in paragraph (a); and

4        Paragraph 5(b) (notional sub-subparagraph 7.1.29(4)(c)(ii)(C))

Omit “other than a limited licensee”, substitute “with the appropriate authorisation”