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.