Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 77
Investment advice business
- (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.
- (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; and
- (b)
- what constitutes an 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.
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