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