Commonwealth Consolidated Regulations

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Advice about the existence of a custodial or depository service

                   For paragraph 766A(2)(b) of the Act, a person is taken not to provide a financial service if:

                     (a)  the person provides advice about a custodial or depository service; and

                     (b)  the advice is not about a financial product; and

                     (c)  the advice is not intended to influence, and could not reasonably be regarded as being intended to influence, a decision about a financial product other than a product that is a financial product only because it is an equitable right or interest in:

                              (i)  a share in a body; or

                             (ii)  a debenture of a body; or

                            (iii)  an interest in a registered scheme; or

                            (iv)  an interest in a notified foreign passport fund.

Note:          Paragraph (c) describes financial products under paragraph (c) of the definition of security in section 761A of the Act and financial products under subparagraphs 764A(1)(b)(ii) and (bb)(ii) of the Act.

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