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CORPORATIONS ACT 2001 - SECT 963C

Non - monetary benefit given in certain circumstances not conflicted remuneration

  (1)   A non - monetary benefit given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients is not conflicted remuneration in the circumstances set out in any of the following paragraphs:

  (a)   the benefit is given to the licensee or representative solely in relation to a general insurance product;

  (b)   each of the following is satisfied:

  (i)   the benefit is of less than an amount prescribed;

  (ii)   identical or similar benefits are not given on a frequent or regular basis;

  (c)   the benefit satisfies each of the following:

  (i)   the benefit has a genuine education or training purpose;

  (ii)   the benefit is relevant to the carrying on of a financial services business;

  (iii)   the benefit complies with regulations made for the purposes of this subparagraph;

  (d)   the benefit satisfies each of the following:

  (i)   the benefit is the provision of information technology software or support;

  (ii)   the benefit is related to the provision of financial product advice to persons as retail clients in relation to the financial products issued or sold by the benefit provider;

  (iii)   the benefit complies with regulations made for the purposes of this subparagraph;

  (e)   the benefit is given to the licensee or representative by a retail client in relation to:

  (i)   the issue or sale of a financial product by the licensee or representative to the client; or

  (ii)   financial product advice given by the licensee or representative to the client;

  (f)   the benefit is a prescribed benefit or is given in prescribed circumstances.

  (2)   The regulations may prescribe circumstances in which, despite subsection   (1), all or part of a benefit is to be treated as conflicted remuneration.

  (3)   This section applies despite section   963A and any regulations made for the purposes of section   963AA.


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