(1) For paragraph 911A(5)(a) of the Act, the exemptions from the requirement to hold an Australian financial services licence provided for in paragraphs 911A(2)(ea), (eb) and (ec) apply subject to the condition that a person mentioned in any of those paragraphs, or a representative of a person mentioned in any of those paragraphs, who provides financial product advice states the following matters, to the extent to which they would reasonably be expected to influence, or be capable of influencing, the provision of the financial product advice:
(a) any remuneration the person or the person's representative is to receive for providing the advice;
(b) any pecuniary or other interest that the provider of the advice, or an associate of the provider, has in relation to the advice, if the provider of the advice, or an associate of the provider, would be likely to obtain a material financial benefit, or avoid a material financial loss, if the advice were acted upon.
(2) The statement mentioned in subregulation (1) must be presented in a way that:
(a) will adequately bring it to the attention of a reasonable person who may read or hear the financial product advice to which the statement relates; and
(b) is easy for a reasonable person to understand.
(3) Subregulation (1) does not apply if:
(a) a person mentioned in paragraph 911A(2)(ea), (eb) or (ec) of the Act, and the person's representatives:
(i) comply with an industry code of practice; or
(ii) comply with the Statement of Principles laid down by the Australian Press Council; or
(iii) are subject to an internal policy that is approved by the board or governing body of the person; and
(b) the code, Statement of Principles or policy contains requirements relating to:
(i) the manner in which financial conflicts of interest are dealt with; or
(ii) the prevention of financial conflicts of interest.
(4) Subregulation (1) does not apply in relation to:
(a) a newspaper or periodical, a transmission made by means of an information service, or a sound recording, video recording or data recording, the principal purpose of which is to report and provide comment on news, and not to provide financial product advice; and
(b) paid advertising in relation to which a reasonable person is able to distinguish the advertising from other material in the newspaper, periodical, transmission, sound recording, video recording or data recording.
(5) A reference in subparagraph 911A(2)(eb)(ii) of the Act to transmissions that are generally available to the public includes transmissions provided as part of a subscription broadcasting service within the meaning of the Broadcasting Services Act 1992 .
(6) For paragraph 911A(6)(d) of the Act, each of the following services is an information service:
(a) a broadcasting service within the meaning of the Broadcasting Services Act 1992 ;
(b) a datacasting service within the meaning of the Broadcasting Services Act 1992 ;
(c) a service provided by the Internet.
(7) In this regulation:
(a) in relation to a body corporate--a related body corporate; and
(b) in relation to an individual--a spouse (including a defacto partner), child, step-child, parent, step-parent, brother, half-brother, sister or half-sister of the individual.
internal policy includes a code of ethics or editorial guidelines.
material financial benefit means a financial benefit exceeding $10 000 in value.
material financial loss means a financial loss exceeding $10 000 in value.