Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.210

Agreements

             (1)  For section 1444 of the Act, this regulation applies if:

                     (a)  a person ( person 1 ) enters into an agreement with another person ( person 2 ) in the course of an activity conducted by person 2; and

                     (b)  at that time, Part 7.6 of the Act does not apply to person 2 in relation to the activity; and

                     (c)  the activity would constitute carrying on a financial services business if Part 7.6 of the Act applied to person 2 in relation to the activity; and

                     (d)  the agreement is not completed when Part 7.6 of the Act first applies to person 2 in relation to the activity; and

                     (e)  when Part 7.6 of the Act first applies to person 2 in relation to the activity, person 2:

                              (i)  does not hold an Australian financial services licence covering the activity; and

                             (ii)  is not exempt from the requirement to hold that licence.

             (2)  Division 11 of Part 7.6 of the Act applies in relation to the agreement to the extent that that Division is not inconsistent with Division 2 of Part 7.3 of the old Corporations Act.



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