Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p51
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 51/73)
Character Range: 1815628–1818405

(other than subsection 776(2B), section 1001B or Part 7.13) or Chapter 8 of the old Corporations Act (whether the document was lodged before or after the FSR commencement).

Division 27A—Transitional matters under other legislation

10.2.135A  References to authorised foreign exchange dealers
 (1) For section 1444 of the Act, this regulation applies to a reference, in a law of the Commonwealth (within the meaning of Division 2 of Part 10.2 of the Act), to:
 (a) an authorised foreign exchange dealer; or
 (b) a person authorised to carry on business as a dealer in foreign exchange.
 (2) On and after the FSR commencement, the reference is taken to include a holder of an Australian financial services licence that authorises the holder to buy and sell foreign currency.

Division 28—Retail clients and wholesale clients

10.2.136  Securities before the FSR commencement
 (1) For section 1444 of the Act, this regulation applies in relation to a person:
 (a) who:
 (i) held pre‑FSR securities at the FSR commencement; or
 (ii) acquired the pre‑FSR securities at any time after the FSR commencement under the relevant old legislation; and
 (b) in relation to whom disclosure was not required under section 708 of the old Corporations Act in respect of the particular offer of the pre‑FSR securities.
 (2) The person is taken to be a wholesale client in relation to the pre‑FSR securities as between the person and the issuer for the period:
 (a) starting on the earlier of:
 (i) the FSR commencement; and
 (ii) the day on which the pre‑FSR securities were acquired; and
 (b) during which the holder holds the pre‑FSR securities.
 (3) Subregulation (2) applies whether or not the holder would, but for that subregulation, have become a retail client in relation to the pre‑FSR securities at some time after the FSR commencement.
Note: This regulation is meant to ensure that a person for whom disclosure was not required under Chapter 6D of the old Corporations Act (whether the Chapter applies before or after the FSR commencement, or after FSR commencement in accordance with a relevant old law) is taken to be a wholesale client in relation to those securities as between the person and the product issuer.

10.2.137  Incomplete financial services
 (1) For section 1444 of the Act, this regulation applies in relation to a person who:
 (a) was provided with an incomplete financial service in relation to pre‑FSR securities before the FSR commencement; and
 (b) was not a retail investor in relation to the incomplete financial service.
 (2) The old Corporations Act, and any associated provisions, continue to apply in relation to the incomplete financial service to the extent necessary to allow the financial service to be completed under the old Corporations Act.
 (3)