Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.7A - BEST INTERESTS OBLIGATIONS AND REMUNERATION  

Note: Regulations 7.7A.01 to 7.7A.04 are reserved for future use.

Division 4 - Conflicted remuneration  

Subdivision 4 - Other monetary and non-monetary benefits that are not conflicted remuneration  

REGULATION 7.7A.14   NON-MONETARY BENEFIT GIVEN IN CERTAIN CIRCUMSTANCES NOT CONFLICTED REMUNERATION: EDUCATION OR TRAINING COURSE  

7.7A.14(1)    

This regulation is made for subparagraph 963C(1)(c)(iii) of the Act.

7.7A.14(2)    

This regulation sets out requirements if a non-monetary benefit to which subparagraphs 963C(1)(c)(i) and (ii) of the Act apply is the provision of an education or training course to a financial services licensee, or a representative of a financial services licensee.

Note: Under paragraph 963C(1)(c) of the Act, if certain non-monetary benefits have a genuine education or training purpose, are relevant to the provision of financial product advice to retail clients and comply with the regulations, the benefits are not conflicted remuneration.

7.7A.14(3)    
Education or training activities for the professional development of the participants in the course must take up at least:

(a)    75% of the time spent on the course; or

(b)    6 hours a day;

whichever is the lesser.

7.7A.14(4)    
The participant, or the participant ' s employer or licensee, must pay for the costs of:

(a)    travel and accommodation relating to the course; and

(b)    events and functions held in conjunction with the course.

Example

The cost of day trips or dinners.

7.7A.14(5)    
In this regulation:

education or training course
includes a conference or seminar.