Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), this Division applies to property other than money (for example, share certificates) given to a financial services licensee (the licensee ) in the following circumstances:
(a) the property is given in connection with:
(i) a financial service that has been provided, or that will or may be provided, to a person (the client ); or
(ii) a financial product held by a person (the client ); and
(b) the property is given:
(i) by the client; or
(ii) by a person acting on behalf of the client; or
(iii) for the benefit of the client; and
(c) the licensee is accountable for the property.
(2) The regulations may:
(a) exempt property given in specified circumstances from some or all of the provisions of this Division; or
(b) declare that this Division applies in relation to property given in specified circumstances as if specified provisions of this Division were omitted, modified or varied as set out in the regulations.
The circumstances that may be specified include (but are not limited to) that the property was given in connection with a specified class of financial product or financial service.
(3) An exemption in regulations made for the purposes of paragraph (2)(a) may be made subject to conditions specified in, or imposed in accordance with, the regulations. The regulations may provide for consequences of a contravention of a condition.