Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subdivision B applies to an agreement entered into by a person (in this section and Subdivision B called the non - licensee ) and another person (in this section and Subdivision B called the client ) (not being a financial services licensee) that constitutes, or relates to, the provision of a financial service by the non - licensee if:
(a) the agreement is entered into in the course of a financial services business carried on by the non - licensee; and
(b) the non - licensee does not hold an Australian financial services licence covering the provision of the financial service, and is not exempt from the requirement to hold such a licence.
Note: It does not matter whether the financial service is provided to the client as a wholesale client or as a retail client.
(2) Subdivision B applies to the agreement whether or not anyone else is a party to the agreement.