Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.1.35A

Conduct that does not constitute dealing in a financial product--lawyers acting on instructions

                   For subsection 766C(7) of the Act, a financial service provided by a lawyer is taken not to be dealing in a financial product if:

                     (a)  the financial service consists of:

                              (i)  arranging for a person to engage in conduct referred to in subsection 766C(1) of the Act; or

                             (ii)  dealing as an agent or otherwise on behalf of a client, an associate of a client or a relative of a client; and

                     (b)  the lawyer is acting:

                              (i)  on the instructions of the client, an associate of the client or a relative of the client; and

                             (ii)  in his or her professional capacity; and

                            (iii)  in the ordinary course of his or her activities as a lawyer; and

                     (c)  the financial service can reasonably be regarded as a necessary part of those activities; and

                     (d)  the lawyer has not received, and will not receive, a benefit in connection with those activities other than:

                              (i)  the payment of professional charges in relation to those activities; and

                             (ii)  reimbursement for expenses incurred or payment on account of expenses to be incurred on behalf of the client, an associate of the client or a relative of the client;

                            from the client or from another person on behalf of the client.



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