Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.138

Professional investors

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

                     (a)  a regulated principal mentioned in item 1, 2, 3 or 4 of the table in section 1430 of the Act; or

                     (b)  a person who:

                              (i)  at the FSR commencement, is an exempt dealer who acts as a principal; and

                             (ii)  is a regulated principal mentioned in item 4 of the table in regulation 10.2.38; or

                     (c)  a person who:

                              (i)  at the FSR commencement, is an exempt investment adviser who acts as a principal; and

                             (ii)  is a regulated principal mentioned in item 4 of the table in regulation 10.2.38.

             (2)  The person is taken to be a professional investor for section 9 and paragraph 761G(7)(d) of the Act.

             (3)  Subject to subregulation (4), this regulation ceases to apply in relation to the person on the earlier of:

                     (a)  the end of the transition period in relation to the person under subsection 1431(1) of the Act; and

                     (b)  the day on which the person ceases to have the status that made the person a regulated person.

             (4)  If:

                     (a)  the person is subject to an exemption or modification under section 1437 of the Act; and

                     (b)  the exemption or modification has the effect of extending the transition period in relation to the person (generally or in respect of certain activities);

the person ceases to be a person mentioned in subregulation (1) at the end of the period of the extension.



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