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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.1 - PRELIMINARY    View history reference

Division 3 - What is a financial product?    View history reference

Subdivision B - The general definition    View history reference

SECTION 763E  WHAT IF A FINANCIAL PRODUCT IS ONLY INCIDENTAL?  

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763E(1)  [``incidental product'']  


If:


(a) something (the incidental product) that, but for this section, would be a financial product because of this Subdivision is:


(i) an incidental component of a facility that also has other components; or

(ii) a facility that is incidental to one or more other facilities; and


(b) it is reasonable to assume that the main purpose of:


(i) if subparagraph (a)(i) applies - the facility referred to in that subparagraph, when considered as a whole; or

(ii) if subparagraph (a)(ii) applies - the incidental product, and the other facilities referred to in that subparagraph, when considered as a whole;
is not a financial product purpose;

the incidental product is not a financial product because of this Subdivision (however, it may still be a financial product because of Subdivision C).

763E(2)  [``financial product purpose'']  


In this section:

financial product purpose means a purpose of:


(a) making a financial investment; or


(b) managing financial risk; or


(c) making non-cash payments.


 



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