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broker fund adviser

    48a firm which has, or whose associate being an authorised person has, an arrangement with a long-term insurer, overseas long-term insurer or operator of a regulated collective investment scheme, under which it is to be expected that the long-term insurer, overseas long-term insurer or operator will take into account the advice of that firm or its associate:14

      1. (a) in the case of a long-term insurer or overseas long-term insurer, on any matter likely to influence the performance of any of the long-term insurer's or overseas long-term insurer's funds or of any investment issued by the long-term insurer or overseas long-term insurer into which cash contributions of that firm's customers have been made;14
      1. (b) in the case of an operator, on the composition of the property of the collective investment scheme into which cash contributions of that firm's customers have been made;14

    in this definition associate includes any authorised person in respect of whose services the first firm receives any benefit or reward, either directly or indirectly, in connection with advice of the kind described in (a) and (b) given to a long-term insurer or overseas long-term insurer or to a collective investment schemeoperator.14