10.2.76
CurrentReferences to retail client
Chapter 10Repeals, transitional matters and application provisions
Part 10.2Transitional arrangements relating to Financial Services Reform legislation
Division 16Product disclosure provisions for existing products during transition period
10.2.76 References to retail client
(1)
For section 1444 of the Act, this regulation applies if a person acquired a financial product before the FSR commencement.
(2)
Subject to subregulation (3), the person is taken to have acquired the financial product as a retail client.
(3)
The person is taken to have acquired the product as a wholesale client if:
(a)
the person would not have acquired the product as a retail client if the product had been acquired at the FSR commencement; or
(b)
the person would not have acquired the product as a retail client if the Act had applied at the time when the product was acquired.
This Act’s bill:Explanatory statement
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