Corporations Regulation 7.1.29(5) does not exempt from licensing requirements advice given to members of existing superannuation funds to establish SMSFs, even though those members will become trustees or directors of the SMSF trustee. The regulation requires the advice to be received in the recipient's capacity as trustee or director, not merely that the recipient is likely to become one. In expedited regulatory enforcement proceedings, a court is not required to precisely quantify delay before refusing a late amendment; a relatively impressionistic assessment of prejudice is appropriate.
The full text is available to signed-in members, including the 26 later cases that cite this judgment.
4 of the 26 citing cases carry a classified treatment. How each court treated it is available to signed-in members.