Commonwealth Consolidated Acts

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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.

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