Corporations Regulations 2001

For section 1444 of the Act, this regulation applies if:

a person (person 1) enters into an agreement with another person (person 2) in the course of an activity conducted by person 2; and

at that time, Part 7.6 of the Act does not apply to person 2 in relation to the activity; and

the activity would constitute carrying on a financial services business if Part 7.6 of the Act applied to person 2 in relation to the activity; and

the agreement is not completed when Part 7.6 of the Act first applies to person 2 in relation to the activity; and

when Part 7.6 of the Act first applies to person 2 in relation to the activity, person 2:

does not hold an Australian financial services licence covering the activity; and

is not exempt from the requirement to hold that licence.

Division 11 of Part 7.6 of the Act applies in relation to the agreement to the extent that that Division is not inconsistent with Division 2 of Part 7.3 of the old Corporations Act.