(1) For section 1444 of the Act, this regulation applies in relation to a person:
(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.