(a) any of the participants in a licensed market, in effecting transactions through the market, provide financial services for persons as retail clients; and
(b) in connection with the provision of those financial services, those persons will or may give money or other property, or authority over property, to those participants; and
(c) the market is not a financial market to which Division 4 applies;
there must be compensation arrangements in relation to the market that are approved in accordance with Division 3.
(2) The compensation regime applicable in relation to financial markets to which Division 4 applies is as constituted by that Division.