Financial Services Reform Amendment Act 2003 (141 of 2003)

Schedule 3   Amendment of other Acts

Income Tax Assessment Act 1997

1   Subsection 995-1(1) (note 2 to paragraph (c) of the definition of financial entity )

Repeal the note, substitute:

Note 2: Paragraph 911A(2)(h) of that Act exempts financial services provided to wholesale clients by a person who is regulated by an overseas regulatory authority if the provision of the service is covered by an exemption from the Australian Securities and Investments Commission (ASIC).