Section 766A — Corporations Act 2001: Meaning of financial service

General (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).