Commonwealth Numbered Acts
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CORPORATIONS ACT 2001 - SECT 77
Investment advice business
(1) A reference to an investment advice business, in relation to a person, is
a reference to:
- a business of advising other persons about securities;
- a business in the course of which the person publishes securities reports.
(3) The remaining provisions of this section apply for the purposes of
- whether or not a person carries on an
investment advice business; and
- what constitutes an investment advice business carried on by a person; and
- whether or not a person holds himself, herself, or itself out to be an
(4) If the person is a body corporate authorised by a law of a State or
Territory to take in its own name a grant of probate of the will, or a grant
of letters of administration of the estate, of a dead person, an act done by
the first-mentioned person is to be disregarded.
(5) If the person is a solicitor or accountant in public practice as such, an
act that the person does is to be disregarded if it is merely incidental to
the practice of his or her profession.
(6) The fact that the person advises other persons about securities, or
publishes securities reports, in some or all of the following circumstances is
to be disregarded:
- in a newspaper or periodical:
- of which the person is the proprietor or publisher; and
- that is generally available to the public otherwise than only on
- in the course of, or by means of, transmissions that:
- the person makes by means of an information service; or
- are made by means of an information service that the person owns,
operates or makes available;
and are generally available to the public;
- in sound recordings, video recordings, or data recordings, that the person
makes generally available to the public in either or both of the following
- by supplying copies of them to the public; or
- by causing the sound recordings to be heard by, the video recordings to
be seen and heard by, or the contents of the data recordings to be displayed
or reproduced for, the public, as the case may be.
(7) Subsection (6) does not apply in relation to a newspaper or
periodical, or transmissions, sound recordings, video recordings or data
recordings, as the case may be, whose sole or principal purpose is to advise
other persons about securities or to publish securities reports.
(8) The fact that the person holds himself, herself or itself out as advising
other persons, or publishing securities reports, as mentioned in
subsection (6) is to be disregarded.
(9) An act that the person does:
- while employed by, or acting for or by
arrangement with, another person; and
- as employee or agent of, or otherwise on behalf of, on account of, or for
the benefit of, the other person; and
- in connection with an investment advice business carried on by the other
is to be disregarded.
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