Exemptions—wholesale clients
396-65 Exemptions—wholesale clients
An entity is not required to include, in a report under section 396‑55, information about a transaction described in table item 5, 6 or 7 in that section to the extent that the information relates to a party to the transaction:
who is not an individual; and
who, under the transaction, is being provided with:
a financial product (within the meaning of Division 3 of Part 7.1 of the Corporations Act 2001); or
a financial service (within the meaning of that Act);
as a wholesale client (within the meaning of that Act).
This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.
An entity is not required to include, in a report under section 396‑55, information about a transaction described in table item 8 in that section to the extent that the information relates to a beneficiary mentioned in that item:
who is not an individual; and
who, under the transaction, is being provided with:
a financial product (within the meaning of Division 3 of Part 7.1 of the Corporations Act 2001); or
a financial service (within the meaning of that Act);
as a wholesale client (within the meaning of that Act).
This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.
This Act’s bill:Second reading speech
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