THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 1 - INTRODUCTORY
PART 1.2 - INTERPRETATION
Division 7 - Interpretation of other expressions
SECTION 77 INVESTMENT ADVICE BUSINESS 77(1) [Meaning of ``investment advice business''] 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. 77(2) (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).) 77(3) [Purpose of subsections (4)-(9)] 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.(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.77(7) [Publication for purpose of advice] 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. 77(8) [Holding oneself out as adviser] 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. 77(9) [Employees] 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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