(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.