For the purposes of paragraph 981A(4)(a) of the Act, money paid as mentioned in subsection 981A(1) of the Act is exempt from Subdivision A of Division 2 of Part 7.8 of the Act at a time if:
(a) at that time the licensee has the client's written agreement to the money being dealt with other than in accordance with that Subdivision; and
Note 1: It is not necessary for the agreement to mention that Subdivision explicitly.
Note 2: If the licensee obtains the agreement after the money is paid, that Subdivision ceases to apply to the money when the licensee obtains the agreement.
(i) the financial service referred to in subparagraph 981A(1)(a)(i) of the Act is or relates to a dealing in a derivative; or
(ii) the financial product referred to in subparagraph 981A(1)(a)(ii) of the Act is a derivative; and
(c) the entry into of the derivative was not or will not be cleared through a clearing and settlement facility; and
(d) the financial service or product would have been provided to the client as a wholesale client if:
(i) the service or product were provided to the client when the money was paid; and
(ii) section 761GA of the Act (about sophisticated investors) did not apply.