Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Act:
"body corporate licensee" means a body corporate that:
(a) is a financial services licensee; and
(b) is authorised to provide personal advice to retail clients in relation to relevant financial products.
"class of product advice" means financial product advice about a class of products, but does not include a recommendation about a specific product in the class.
"CPD year" (short for continuing professional development year): a financial services licensee's CPD year is the 12 - month period beginning on the day of the year included in the most recent notice given by the licensee under section 922HA.
"foreign qualification" means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.
"limited" - service time - sharing adviser : a person is a limited - service time - sharing adviser if:
(a) the person is a relevant provider; and
(b) the only relevant financial product that the person provides advice in relation to is a time - sharing scheme; and
(c) the person has not met any one or more of the education and training standards in subsections 921B(2) to (4).
"qualified tax relevant provider" : a person is a qualified tax relevant provider if:
(a) the person is a relevant provider; and
(b) one or more of the following applies:
(i) the person is a registered tax agent;
(ii) if a determination is in force under subsection 921BB(1)--the person meets each requirement set out in the determination that is of a kind mentioned in any of paragraphs (a) to (d) of that subsection.
"relevant financial products" means financial products other than:
(a) basic banking products; or
(b) general insurance products; or
(c) consumer credit insurance; or
(d) a combination of any of those products.
"relevant provider" : a person is a relevant provider if the person:
(a) is an individual; and
(b) is:
(i) a financial services licensee; or
(ii) an authorised representative of a financial services licensee; or
(iii) an employee or director of a financial services licensee; or
(iv) an employee or director of a related body corporate of a financial services licensee; and
(c) is authorised to provide personal advice to retail clients, as the licensee or on behalf of the licensee, in relation to relevant financial products.