Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.1.35A

                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

                         (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;

                        from the client or from another person on behalf of the client.