Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.5A.50

Persons on whom requirements cannot be imposed

             (1)  This regulation is made for paragraph 901D(a) of the Act.

             (2)  The class of persons on whom the derivative transaction rules cannot impose requirements consists of end users.

          (2A)  Also, the derivative transaction rules cannot impose requirements relating to a class of derivatives on financial services licensees:

                     (a)  who are taken not to be end users only because of paragraph (3)(c); and

                     (b)  whose Australian financial services licences do not authorise them to provide financial services in relation to that class of derivatives.

             (3)  An end user is a person who is not:

                     (a)  an Australian ADI; or

                     (b)  a CS facility licensee; or

                     (c)  a financial services licensee; or

                     (d)  a person:

                              (i)  who, in this jurisdiction, provides financial services relating to derivatives to wholesale clients only; and

                             (ii)  whose activities, relating to derivatives, are regulated by an overseas regulatory authority.

             (4)  This regulation does not apply to a provision of any derivative transaction rules to the extent that the provision imposes clearing requirements or requirements that are incidental or related to clearing requirements.



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