Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p20
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 20/49)
Character Range: 1031568–1034530

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 must take up at least:
 (a) 75% of the time spent on the course; or
 (b) 6 hours a day;
whichever is the lesser.
 (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.
 (5) In this regulation:
education or training course includes a conference or seminar.

7.7A.15  Non‑monetary benefit given in certain circumstances not conflicted remuneration: other education and training benefit
 (1) This regulation is made for subparagraph 963C(1)(c)(iii) of the Act.
 (2) This regulation sets out a requirement if a non‑monetary benefit to which subparagraphs 963C(1)(c)(i) and (ii) of the Act apply is not the provision of an education or training course to which regulation 7.7A.13 applies.
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) The dominant purpose of the non‑monetary benefit must be education and training.

7.7A.15A  Non‑monetary benefit given in certain circumstances not conflicted remuneration—education and training in conducting a financial services business
 (1) This regulation:
 (a) is made for paragraph 963C(1)(f) of the Act; and
 (b) prescribes the circumstances in which a non‑monetary benefit given to a financial services licensee, or representative of a financial services licensee, who provides financial product advice to persons as retail clients is not conflicted remuneration.
 (2) The benefit is not conflicted remuneration if the benefit:
 (a) has a genuine education or training purpose; and
 (b) is relevant to the carrying on of a financial services business; and
 (c) complies with regulations made for the purposes of subparagraph 963C(1)(c)(iii) of the Act.

Subdivision 4A—Ban on conflicted remuneration (rebates)

7.7A.15AJ  What Subdivision is about
 (1) This Subdivision is made for the purposes of subsection 963N(1) of the Act.
 (2) This Subdivision provides for a scheme under which a person (the covered person) covered by section 963M of the Act in relation to conflicted remuneration must pay amounts, or provide monetary benefits, based on that conflicted remuneration, to product holders mentioned in section 963N of the Act.

7.7A.15AK  Obligations of covered person
 (1) The covered person must pay amounts, or provide monetary benefits, to the product holders no later than 1 year after the day by