Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)
Schedule 2 ALRC Financial Services Interim Report: single glossary of defined terms
Part 1 Amendments
Division 9 Terms relating to financial services and markets
Corporations Act 2001
485 Subsection 984B(3)
Repeal the subsection, substitute:
(3) However, if the financial service or product, in connection with the property given, would be provided to the client as a retail client if:
(a) the service or product were provided to the client when the property is given; and
(b) section 761GA (about sophisticated investors) did not apply; and
then subsection (2) only applies to an obligation if:
(c) the entry into of the derivative referred to in paragraph (2)(a) or (b) was or will be cleared through an authorised clearing and settlement facility; and
(d) the licensee incurred the obligation, in connection with the derivative, under the operating rules of the facility.