Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.1.33H

                For subsection 766A (2) of the Act, a financial product issuer is not taken to provide a financial service if:

                (a)    the issuer gives advice to another person about:

                          (i)    a particular financial product or class of financial products issued by the issuer; or

                         (ii)    an interest in a particular financial product or a class of financial products issued by the issuer; and

               (b)    the advice is not personal advice; and

                (c)    the advice is given to the person at the same time as the issuer:

                          (i)    advises the person that the issuer is not licensed to provide financial product advice in relation to the product, class or interest, as the case may be; and

                         (ii)    recommends to the person that the person obtain a Product Disclosure Statement, if appropriate, and read it before making a decision to acquire the product or a product from the class of products, as the case may be; and

                        (iii)    if it is advice about the offer, issue or sale of a financial product -- notifies the person about the availability or otherwise of a cooling-off regime that applies in respect of the acquisition of the product, a product from the class of products or an interest in a product as the case may be (whether the regime is provided for by law or otherwise).