CORPORATIONS ACT 2001 - SECT 962C Meaning of fee recipient

CORPORATIONS ACT 2001 - SECT 962C

  (1)   Where:

  (a)   a financial services licensee enters into an ongoing fee arrangement; and

  (b)   the rights of the licensee under the arrangement have not been assigned to another person;

the licensee is the fee recipient in relation to the arrangement.

  (2)   Where:

  (a)   a representative of a financial services licensee enters into an ongoing fee arrangement; and

  (b)   the rights of the representative under the arrangement have not been assigned to another person;

the representative is the fee recipient in relation to the arrangement.

  (3)   Where the rights of a financial services licensee, or a representative of a financial services licensee, under an ongoing fee arrangement have been assigned to another person, the person who currently holds those rights is the fee recipient in relation to the arrangement.