Commonwealth Consolidated Regulations

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Priority to clients' orders: financial services licensee who held a dealers licence

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

                     (a)  who is a regulated principal mentioned in item 1 of the table in section 1430 of the Act; and

                     (b)  whose financial services licence covers regulated activities for a regulated principal of that kind;

in relation to instructions to buy or sell securities (as defined for the purposes of Part 7.4 of Chapter 7 of the old Corporations Act) that were received by the licensee from a client who was not an associate of 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 844 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 the person entering into a transaction in securities of the same class as those to which the instructions relates as if the person were a dealer within the meaning of the old Corporations Act .

             (3)  This regulation applies until the regulated principal has complied with the instructions.

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