Commonwealth Consolidated Regulations

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Priority to clients' orders

             (1)  For paragraph 991B(3)(b) of the Act, if a participant in a licensed market:

                     (a)  enters into a transaction; and

                     (b)  complies with all of the participant's obligations in relation to the transaction under the market integrity rules and the operating rules of the licensed market;

subsection 991B(2) of the Act does not apply in relation to the transaction.

             (2)  Subject to subregulation (3), for paragraph 991B(3)(b) of the Act, subsection 991B(2) of the Act does not apply to a transaction if, at the time that the instruction is issued, the financial services licensee is not a participant in the licensed market on which the particular financial product is being traded.

             (3)  Subregulation (2) does not apply if:

                     (a)  the financial services licensee deals, or has dealt, in a financial product traded on that market:

                              (i)  on the licencee's own behalf (whether directly or through an agent or other representative); or

                             (ii)  on behalf of a client; or

                     (b)  an associate of the financial services licensee is a participant in the market mentioned in that subregulation.

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