Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 924A

             (1)  Subdivision B applies to an agreement entered into by a person (in this section and Subdivision B called the non‑licensee ) and another person (in this section and Subdivision B called the client ) (not being a financial services licensee) that constitutes, or relates to, the provision of a financial service by the non‑licensee if:

                     (a)  the agreement is entered into in the course of a financial services business carried on by the non‑licensee; and

                     (b)  the non‑licensee does not hold an Australian financial services licence covering the provision of the financial service, and is not exempt from the requirement to hold such a licence.

Note:          It does not matter whether the financial service is provided to the client as a wholesale client or as a retail client.

             (2)  Subdivision B applies to the agreement whether or not anyone else is a party to the agreement.