Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
For paragraph 766A(2) (b) of the Act, a person is taken not to provide a financial service if:
(a) the service is:
(i) arranging for the issue, or the acquisition, of a school banking product; or
(ii) the provision of general advice intended to influence a decision in relation to a school banking product; and
(b) the person:
(i) is employed by a school; or
(ii) provides the service on behalf of a school; and
(c) the person does not receive any financial benefit for the provision of the service; and
(d) the Product Disclosure Statement for the product discloses any commissions or other benefits that the school might receive in connection with the issue of the product. 7.1.33F(2) [ " school banking product " ]
In this regulation:
school banking product
means a basic deposit product, issued by an ADI in the following circumstances:
(a) it is offered for issue to pupils at a school;
(b) there is no regular account keeping fee charged for the product.
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