Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:7:p11
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 7 (pt 11/39)
Character Range: 1130186–1133086

been transmitted);
that person must not transmit, and must not give instructions to any other person to transmit, the instructions to give effect to the proposal of the financial services licensee to deal in that class of financial products before the instructions of the client are transmitted.
 (4) If:
 (a) during a particular period, a financial services licensee transmits instructions (whether or not those instructions consist of, or include, instructions giving effect to a proposal of the financial services licensee to deal in the class of financial products concerned on the financial services licensee's own account) to deal in a class of financial products at or near the market price for a financial product of that class prevailing immediately before execution of the instructions; and
 (b) dealings in that class of financial products are effected pursuant to those instructions;
the financial services licensee must allocate the dealings to those instructions:
 (c) in the sequence in which the dealings were effected; and
 (d) in the sequence in which the financial services licensee transmitted the instructions.
 (5) A financial services licensee (licensee 1), or a director, partner, officer or employee of a financial services licensee, must not disclose to any other financial services licensee, or to a person engaged or employed in the business of licensee 1 or any other financial services licensee, instructions of a client to deal in a class of financial products, except:
 (a) to the extent necessary to execute the instructions; or
 (b) as required by this Act or any other law.
 (6) In this regulation, a reference to the transmission by a financial services licensee of instructions to deal in a class of financial products is a reference:
 (a) if the financial services licensee has direct access to the licensed market on which the instructions are to be executed—to the transmission of the instructions to that licensed market; or
 (b) if the financial services licensee has access to the licensed market on which the instructions are to be executed only through another financial services licensee—to the transmission of the instructions to that other financial services licensee.

7.8.19  Records of instructions to deal on licensed markets and foreign markets
 (1) For section 991D of the Act, this regulation applies in relation to:
 (a) instructions received by a financial services licensee to deal in financial products, on behalf of a client, through licensed markets or through other financial markets (whether inside or outside Australia); and
 (b) instructions received by a financial services licensee to deal in financial products, on the financial service licensee's own account, through licensed markets or through other financial markets (whether inside or outside Australia).
 (2) The financial services licensee must keep records setting out brief