For the purposes of paragraph 984A(2)(a) of the Act, property given as mentioned in subsection 984A(1) of the Act is exempt from Division 3 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 property being dealt with other than in accordance with that Division; and
Note 1: It is not necessary for the agreement to mention that Division explicitly.
Note 2: If the licensee obtains the agreement after the property is given, that Division ceases to apply to the property when the licensee obtains the agreement.
(i) the financial service referred to in subparagraph 984A(1)(a)(i) of the Act is or relates to a dealing in a derivative; or
(ii) the financial product referred to in subparagraph 984A(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 property was given; and
(ii) section 761GA of the Act (about sophisticated investors) did not apply.