Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 28 - Retail clients and wholesale clients  

REGULATION 10.2.138   PROFESSIONAL INVESTORS  

10.2.138(1)   [ Application]  

For section 1444 of the Act, this regulation applies in relation to:

(a) a regulated principal mentioned in item 1, 2, 3 or 4 of the table in section 1430 of the Act; or

(b) a person who:

(i) at the FSR commencement, is an exempt dealer who acts as a principal; and

(ii) is a regulated principal mentioned in item 4 of the table in regulation 10.2.38 ; or

(c) a person who:

(i) at the FSR commencement, is an exempt investment adviser who acts as a principal; and

(ii) is a regulated principal mentioned in item 4 of the table in regulation 10.2.38 .

10.2.138(2)   [ Deemed professional investor]  

The person is taken to be a professional investor for section 9 and paragraph 761G(7) (d) of the Act.

10.2.138(3)   [ Limitation]  

Subject to subregulation (4), this regulation ceases to apply in relation to the person on the earlier of:

(a) the end of the transition period in relation to the person under subsection 1431(1) of the Act; and

(b) the day on which the person ceases to have the status that made the person a regulated person.

10.2.138(4)   [ Cessation at end of extension]  

If:

(a) the person is subject to an exemption or modification under section 1437 of the Act; and

(b) the exemption or modification has the effect of extending the transition period in relation to the person (generally or in respect of certain activities);

the person ceases to be a person mentioned in subregulation (1) at the end of the period of the extension.