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) of this regulation refers to financial products described in paragraph   92(5)(c) of the Act and in subparagraphs   764A(1)(b)(ii) and (bb)(ii) of the Act.

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