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 subsection 766C(7) of the Act, a financial service provided by a lawyer is taken not to be dealing in a financial product if:
(a) the financial service consists of:
(i) arranging for a person to engage in conduct referred to in subsection 766C(1) of the Act; or
(ii) dealing as an agent or otherwise on behalf of a client, an associate of a client or a relative of a client; and
(b) the lawyer is acting:
(i) on the instructions of the client, an associate of the client or a relative of the client; and
(ii) in his or her professional capacity; and
(iii) in the ordinary course of his or her activities as a lawyer; and
(c) the financial service can reasonably be regarded as a necessary part of those activities; and
(d) the lawyer has not received, and will not receive, a benefit in connection with those activities other than:
(i) the payment of professional charges in relation to those activities; and
from the client or from another person on behalf of the client.
(ii) reimbursement for expenses incurred or payment on account of expenses to be incurred on behalf of the client, an associate of the client or a relative of the client;
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