Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p19
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 19/49)
Character Range: 1028945–1031845

benefit is given in relation to a general insurance product.
Note: If a benefit is given in relation to a financial product that consists of both general insurance and life risk insurance, the benefit is to be treated as relating to a general insurance product and a life risk insurance product.

7.7A.12I  Mixed benefits
 (1) A benefit that is given in one or more of the circumstances set out in the prescribed provisions is not conflicted remuneration even if:
 (a) the benefit also relates to other activities, but only to the extent that the part of the benefit that relates to the other activities is not conflicted remuneration; or
 (b) the provider, at the same time, provides other services (whether or not financial services).
 (2) However, subregulation (1) does not apply to the extent that the prescribed provisions under which the benefit is given provide that:
 (a) the benefit may only relate to particular financial products or services; or
 (b) the provider must not receive the benefit if the provider is, at the same time, providing other specified financial services.
 (3) In this regulation:
prescribed provision means:
 (a) paragraph 963B(1)(a), (b) or (ba) of the Act, or a regulation made under paragraph 963B(1)(e) of the Act; or
 (b) paragraph 963C(1)(a), (b), (c) or (d) of the Act, or a regulation made under paragraph 963C(1)(f) of the Act.

7.7A.13  Non‑monetary benefit given in certain circumstances not conflicted remuneration: prescribed amount
  For subparagraph 963C(1)(b)(i) of the Act, the amount is $300 for each financial services licensee, or each representative of a financial services licensee, who is the final recipient of a non‑monetary benefit.
Note: Under paragraph 963C(1)(b) of the Act, if a non‑monetary benefit is given to a financial services licensee, or a representative of a financial services licensee, who provides financial advice, is less than the prescribed amount and identical or similar benefits are not given on a frequent or regular basis, the benefit is not conflicted remuneration.

7.7A.14  Non‑monetary benefit given in certain circumstances not conflicted remuneration: education or training course
 (1) This regulation is made for subparagraph 963C(1)(c)(iii) of the Act.
 (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.
 (3) Education or training activities for the professional development of the participants in the course