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CORPORATIONS REGULATIONS 2001 - REG 7.7A.16F

Application of ban on conflicted remuneration--benefit is a pass through of a grandfathered benefit (benefit is not conflicted remuneration)

                   A benefit is not conflicted remuneration to the extent that:

                     (a)  the benefit is a pass through of a benefit (a grandfathered benefit ) to which Division 4 of Part 7.7A of Chapter 7 of the Act does not apply because of subsection 1528(1) or (3) of the Act or a regulation made for subsection 1528(2) of the Act ; and

                     (b)  the benefit, as passed through, was given under an arrangement:

                              (i)  that was entered into before the application day, within the meaning of subsection 1528(4) of the Act; or

                             (ii)  by which an authorised representative of a financial services licensee became an authorised representative of another financial services licensee; or

                            (iii)  by which a representative of a financial services licensee, or an employee of an authorised representative of a financial services licensee, became an authorised representative of the licensee or a related body corporate of the licensee; and

                     (c)  the benefit, as passed through, is consistent with purposes of the arrangement under which the grandfathered benefit was paid; and

                     (d)  the total amount of the benefit, as passed through, does not exceed 100 per cent of the grandfathered benefit.



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