CORPORATIONS REGULATIONS 2001 - REG 10.2.76 References to retail client

CORPORATIONS REGULATIONS 2001 - REG 10.2.76

  (1)   For section   1444 of the Act, this regulation applies if a person acquired a financial product before the FSR commencement.

  (2)   Subject to subregulation   (3), the person is taken to have acquired the financial product as a retail client.

  (3)   The person is taken to have acquired the product as a wholesale client if:

  (a)   the person would not have acquired the product as a retail client if the product had been acquired at the FSR commencement; or

  (b)   the person would not have acquired the product as a retail client if the Act had applied at the time when the product was acquired.