Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 77

77. (1) A reference to an investment advice business, in relation to a
person, is a reference to:

   (a)  a business of advising other persons about securities; or

   (b)  a business in the course of which the person publishes securities
        reports.

(2) A reference to an eligible investment advice business, in relation to a
person, is a reference to:

   (a)  a business of advising other persons about eligible securities;

   (b)  a business in the course of which the person publishes securities
        reports about eligible securities

   (c)  a business of advising corporations about securities;

   (d)  a business in the course of which the person gives securities reports
        to corporations;

   (e)  a business of advising other persons, in eligible circumstances, about
        securities; or

   (f)  a business in the course of which the person publishes securities
        reports in eligible circumstances.

(3) The remaining provisions of this section apply for the purposes of
determining:

   (a)  whether or not a person carries on an investment advice business or
        eligible investment advice business;

   (b)  what constitutes an investment advice business or eligible investment
        advice business carried on by a person; and

   (c)  whether or not a person holds himself, herself or itself out to be an
        investment adviser.

(4) If the person is a body corporate authorised by a law of a State or
Territory to take in its own name a grant of probate of the will, or a grant
of letters of administration of the estate, of a dead person, an act done by
the first-mentioned person shall be disregarded.

(5) If the person is a solicitor or accountant in public practice as such, an
act that the person does shall be disregarded if it is merely incidental to
the practice of his or her profession.

(6) The fact that the person advises other persons about securities, or
publishes securities reports, in some or all of the following circumstances
shall be disregarded:

   (a)  in a newspaper or periodical:

        (i)    of which the person is the proprietor or publisher; and

        (ii)   that is generally available to the public otherwise than only
               on subscription;

   (b)  in the course of, or by means of, transmissions that:

        (i)    the person makes by means of an information service; or

        (ii)   are made by means of an information service that the person
               owns, operates or makes available; and are generally available
               to the public;

   (c)  in sound recordings, video recordings, or data recordings, that the
        person makes generally available to the public in either or both of
        the following ways:

        (i)    by supplying copies of them to the public; or

        (ii)   by causing the sound recordings to be heard by, the video
               recordings to be seen and heard by, or the contents of the data
               recordings to be displayed or reproduced for, the public, as
               the case may be.

(7) Subsection (6) does not apply in relation to a newspaper or periodical, or
transmissions, sound recordings, video recordings or data recordings, as the
case may be, whose sole or principal purpose is to advise other persons about
securities or to publish securities reports.

(8) The fact that the person holds himself, herself or itself out as advising
other persons, or publishing securities reports, as mentioned in subsection
(6) shall be disregarded.

(9) An act that the person does:

   (a)  while employed by, or acting for or by arrangement with, another
        person;

   (b)  as employee or agent of, or otherwise on behalf of, on account of, or
        for the benefit of, the other person; and

   (c)  in connection with an investment advice business carried on by the
        other person; shall be disregarded.