This Subdivision does not, because of a person (the dealer ) having become insolvent at a particular time, entitle a person to make a claim in respect of property unless:
(a) the dealer was at that time a participant of at least 1 of the following:
(i) a participating market licensee;
(ii) the licensed CS facility operated by ACH; and
(i) the dealer was carrying on a securities business in Australia at that time; or
(ii) the last business that the dealer carried on in Australia before that time was a securities business, and the person's claim relates to that business as it was carried on in Australia.