Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 781

781. (1) A corporation shall not:

   (a)  carry on an investment advice business; or

   (b)  hold itself out to be an investment adviser; unless the corporation is
        a licensee or an exempt investment adviser.

(2) A person shall not, in the course of an investment advice business carried
on by the person:

   (a)  advise a person about eligible securities;

   (b)  give a person a securities report about eligible securities;

   (c)  advise a corporation about securities;

   (d)  give a corporation a securities report;

   (e)  do in eligible circumstances any of the for employee of a securities
        exchange, has qualified privilege in respect of a statement made by a
        person, orally or in writing, in the course of, or otherwise for the
        purposes of or in connection with, a disciplinary proceeding of the
        securities exchange.

(3) Where:

   (a)  an Exchange subsidiary is acting on behalf of the Exchange; or

   (b)  an officer or employee of an Exchange subsidiary is acting on behalf
        of the Exchange or of a member, officer or employee of the Exchange;
        in connection with a disciplinary proceeding of the Exchange, the
        Exchange subsidiary and an officer or employee of the Exchange
        subsidiary have qualified privilege in respect of a statement made by
        a person, orallyollowing:

        (i)    advise a person about securities;

        (ii)   give a person a securities report; or

   (f)  advise a person, or give a person an analysis or report, about dealing
        in securities in eligible circumstances; unless the person is a
        licensee or an exempt investment adviser.

(3) A person shall not hold himself, herself or itself out to be an investment
adviser who or that:

   (a)  advises persons about eligible securities, or securities including
        eligible securities;

   (b)  gives to persons securities reports about eligible securities, or
        securities including eligible securities;

   (c)  advises corporations, or persons including corporations, about
        securities;

   (d)  gives securities reports to corporations, or to persons including
        corporations; or

   (e)  does in eligible circumstances, or circumstances including eligible
        circumstances, any of the following:

        (i)    advise persons about securities;

        (ii)   give securities reports to persons; unless the person is a
               licensee or an exempt investment adviser.

(4) A person shall not:

   (a)  in the course of an investment advice business carried on by the
        person; or

   (b)  in connection with holding himself, herself or itself out to be an
        investment adviser; use an eligible communications service unless the
        person is a licensee or an exempt investment adviser.