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.