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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION    View history reference

Division 4 - Conflicted remuneration    View history reference

Subdivision B - What is conflicted remuneration?    View history reference

SECTION 963C  NON-MONETARY BENEFIT GIVEN IN CERTAIN CIRCUMSTANCES NOT CONFLICTED REMUNERATION  

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963C(1)  

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Despite section 963A, a non-monetary benefit given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients is not conflicted remuneration in the circumstances set out in any of the following paragraphs:


(a) the benefit is given to the licensee or representative solely in relation to a general insurance product;


(b) each of the following is satisfied:


(i) the benefit is of less than an amount prescribed;

(ii) identical or similar benefits are not given on a frequent or regular basis;


(c) the benefit satisfies each of the following:


(i) the benefit has a genuine education or training purpose;

(ii) the benefit is relevant to the carrying on of a financial services business;

(iii) the benefit complies with regulations made for the purposes of this subparagraph;


(d) the benefit satisfies each of the following:


(i) the benefit is the provision of information technology software or support;

(ii) the benefit is related to the provision of financial product advice to persons as retail clients in relation to the financial products issued or sold by the benefit provider;

(iii) the benefit complies with regulations made for the purposes of this subparagraph;


(e) the benefit is given to the licensee or representative by a retail client in relation to:


(i) the issue or sale of a financial product by the licensee or representative to the client; or

(ii) financial product advice given by the licensee or representative to the client;


(f) the benefit is a prescribed benefit or is given in prescribed circumstances.

[CCH Note: S 963C(1) will be amended by No 6 of 2017, s 3, Sch 1[14], by substituting "A" for "Despite section 963A, a" (effective 1 January 2018).]

963C(2)  

The regulations may prescribe circumstances in which, despite subsection (1), all or part of a benefit is to be treated as conflicted remuneration.

[CCH Note: S 963C(3) will be inserted by No 6 of 2017, s 3, Sch 1[15] (effective 1 January 2018). S 963C(3) will read:


963C(3) This section applies despite section 963A and any regulations made for the purposes of section 963AA.

]


 



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