Passing on prepared documents
7.1.31 Passing on prepared documents
For paragraph 766A(2)(b) of the Act, a circumstance in which a person (person 1) is taken not to provide a financial service within the meaning of paragraph 766A(1)(a) of the Act is that:
person 1 provides a service to a person; and
the service consists only of passing on, publishing, distributing or otherwise disseminating a document that contains financial product advice; and
the document was provided by another person (person 2); and
person 2 is not acting on behalf of person 1; and
person 1 is not the holder of a financial services licence that authorises person 1 to provide financial product advice; and
person 1 does not select the content of the document, modify the content of the document or otherwise exercise control over the content of the document; and
a reasonable person would not consider that person 1 provided, endorsed or otherwise assumed responsibility for the financial product advice contained in the document.
This Act’s bill:Explanatory statement
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