Document ID: chunk:federal_register_of_legislation:C2005C00498:clause:1_924a
Version: federal_register_of_legislation:C2005C00498
Segment Type: clause
Provision Reference: sch 1 cl 924A
Character Range: 345388–346348

924A  Agreements with certain unlicensed persons

 (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.

Subdivision B—Effect on agreements