Section 963C — Corporations Act 2001: Non-monetary benefit given in certain circumstances not conflicted remuneration

(1) A non-monetary benefit given to a financial services licensee, or a representative of a financial services licensee, who provides financial product advice to persons as retail clients is not conflicted remuneration in the circumstances set out in any of the following paragraphs: (a) the benefit is given to the licensee or representative solely in relation to a general insurance product; (b) each of the following is satisfied: (i) the benefit is of less than an amount prescribed; (ii) identical or similar benefits are not given on a frequent or regular basis; (c) the benefit satisfies each of the following: (i) the benefit has a genuine education or training purpose; (ii) the benefit is relevant to the carrying on of a financial services business; (iii) the benefit complies with regulations made for the purposes of this subparagraph; (d) the benefit satisfies each of the following: (i) the benefit is the provision of information technology software or support; (ii) the benefit is related to the provision of financial product advice to persons as retail clients in relation to the financial products issued or sold by the benefit provider; (iii) the benefit complies with regulations made for the purposes of this subparagraph; (f) the benefit is a prescribed benefit or is given in prescribed circumstances. (2) The regulations may prescribe circumstances in which, despite subsection (1), all or part of a benefit is to be treated as conflicted remuneration. (3) This section applies despite section 963A and any regulations made for the purposes of section 963AA.