Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.62

Reporting in relation to dealings in derivatives: financial services licensee who formerly held a dealer's licence

             (1)  For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in item 3 of the table in section 1430 of the Act, and whose financial services licence covers regulated activities for a regulated principal of that kind, in relation to:

                     (a)  a futures contract within the meaning of section 72 of the old Corporations Act that was acquired by the licensee on behalf of a client before the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and

                     (b)  authority to operate a discretionary account within the meaning of section 61 of the old Corporations Act that was given to the licensee before the end of the transition period in relation to the person in the capacity of a regulated principal of that kind.

             (2)  Section 1207 of the old Corporations Act, and any associated provisions, continue to apply in relation to the regulated principal after the end of the transition period in relation to:

                     (a)  the person in the capacity of a regulated principal of that kind; and

                     (b)  futures contracts mentioned in paragraph (1)(a) that have not been disposed of by the end of a particular month; and

                     (c)  discretionary accounts mentioned in paragraph (1)(b) for which the authority remained in force during part of a particular month;

as if the person were a futures broker.



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