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CORPORATIONS ACT 2001 - SECT 963C

Non-monetary benefit given in certain circumstances not conflicted remuneration

             (1)  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.

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

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



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