Commonwealth Consolidated Regulations

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Information and advice about voting

                   For paragraph 766A(2)(b) of the Act, a circumstance in which a person is taken not to provide a financial service within the meaning of paragraph 766A(1)(a) of the Act is that:

                     (a)  the service provided by the person consists only of advising another person in relation to the manner in which:

                              (i)  voting rights attaching to securities; or

                             (ii)  voting rights attaching to interests in managed investment schemes;

                            may or should be exercised; and

                     (b)  the advice is not intended to influence any decision in relation to financial products other than a decision about voting; and

                     (c)  the advice could not be reasonably be regarded as intended to influence a decision in relation to financial products, other than a decision about voting; and

                     (d)  the advice does not relate to a vote that relates to a dealing in financial products.

Note:          A service that includes advice which is intended to influence the decision to acquire securities in another company would be not provided in circumstances covered by this regulation.

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