11Exempt financial services that can be provided to retail clients

11 Exempt financial services that can be provided to retail clients

(1) The provider meets the condition in this section for an eligible financial service if, when providing the financial service to another person as a retail client during the financial service’s testing period, the financial service is: (a) the issuing, varying or disposing of a non‑cash payment facility; or (b) a financial service that relates to only one or more financial products referred to in subsection (2). (2) For the purposes of paragraph (1)(b), the financial products are as follows: (a) a deposit‑taking facility made available by an ADI in the course of its banking business, other than an RSA; (b) a non‑cash payment facility made available by an ADI in the course of its banking business; (c) a general insurance product provided by a general insurer (within the meaning of the Insurance Act 1973), other than a consumer credit insurance product (within the meaning of subparagraph 761G(5)(b)(v) of the Act); (d) a life risk insurance product that is a life policy; (e) a superannuation product in a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993); (f) an interest in a simple managed investment scheme; (g) a debenture, stock or bond issued or proposed to be issued by the Commonwealth; (h) a security included in an official list of a declared financial market; (i) a security included in an official list of a financial market: (i) operated outside this jurisdiction; and (ii) approved in a disallowable legislative instrument made by ASIC under one or more of subsections 283GA(1), 601QA(1), 655A(1), 741(1), 926A(2), 992B(1) and 1020F(1) of the Act;

Note: In 2020, the instrument was the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669.

(j) for an eligible financial service that is the provision of a crowd‑funding service—a security in a class specified in regulations made for the purposes of paragraph 738G(1)(c) of the Act.