Corporations Amendment Regulations 2003 (No. 7) (202 of 2003)

Schedule 1   Amendments commencing on gazettal

[4]   After paragraph 7.6.01 (1) (t)

insert

(u) a financial service provided by a person in the following circumstances:

(i) the financial service is advice included in a document issued in connection with a takeover bid or an offer of a financial product;

(ii) the advice is an opinion on matters other than financial products and does not include advice on a financial product;

(iii) the document includes a statement that the person is not operating under an Australian financial services licence when giving the advice;

(iv) the person discloses, in the document, the information mentioned in paragraphs 947B (2) (d) and (e) of the Act;

Example

A geologist's report on a mining lease included in a PDS.

(v) a financial service provided by a person (the nominee ) in the following circumstances:

(i) the nominee holds a financial product or a beneficial interest in a financial product on trust for or on behalf of a client of a financial services licensee who is a participant in a licensed market (the participant );

(ii) the financial product:

(A) was acquired on the licensed market by the participant on behalf of the client; or

(B) is to be disposed of on the licensed market by the participant on behalf of the client;

(iii) the participant is authorised by an Australian financial services licence to provide a custodial or depository service;

(iv) the participant's licence is subject to a condition requiring it to assume responsibility for the conduct of the nominee in relation to the provision of a financial service mentioned in this paragraph;

(v) the nominee is a wholly-owned subsidiary of the participant.