Other property of clients: financial services licensee who formerly held futures broker’s licence
10.2.59 Other property of clients: financial services licensee who formerly held futures broker’s licence
For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in item 3 of the table in section 1430 of the Act, and whose licence covers regulated activities for a regulated principal of that kind, in relation to property:
received by the person before the end of the transition period in relation to the person in the capacity of a regulated principal of that kind; and
to which section 1209 or 1214 of the old Corporations Act applied.
Sections 1209 and 1214 of the old Corporations Act, and any associated provisions, continue to apply in relation to the regulated principal after the end of the transition period in relation to:
the person in the capacity of a regulated principal of that kind; and
the property;
as if the licensee were a futures broker within the meaning of the old Corporations Act.
This Act’s bill:Explanatory statement
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