Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.5.07

Meaning of securities business: general

             (1)  For this Part (other than Subdivision 4.9), a securities business is a financial services business of dealing in securities.

             (2)  Subregulations (4), (5) and (6) apply for the purposes of determining:

                     (a)  whether or not a person carries on, or holds himself, herself or itself out as carrying on, a securities business; and

                     (b)  what constitutes such a business carried on by a person.

             (3)  Subregulation (6) also applies for the purposes of determining whether or not a person deals in securities.

             (4)  An act done on behalf of the person by:

                     (a)  the holder of a dealers licence; or

                     (b)  an exempt dealer; or

                     (c)  the holder of an Australian financial services licence; or

                     (d)  a person who is exempted from holding an Australian financial services licence by virtue of subsection 911A(2), (2A), (2B), (2C), (2D) or (2E) of the Act;

must be disregarded.

             (5)  An act that the person does:

                     (a)  while employed by, or acting for or by arrangement with, a dealer; and

                     (b)  as an employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the dealer; and

                     (c)  in connection with a securities business carried on by the dealer;

is to be disregarded.

             (6)  An act or acts done by the person that constitutes or together constitute a dealing by the person in a futures contract (within the meaning of the old Corporations Act) is or are to be disregarded.



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