Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.1.35A

    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.