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  • General Exclusions

    • AU-1.4.3

      A person does not carry on an activity constituting a regulated investment service if the activity:

      (a) Is carried on in the course of a business which does not ordinarily constitute the carrying on of a regulated activity;
      (b) May reasonably be regarded as a necessary part of any other services provided in the course of that business; and
      (c) Is not remunerated separately from the other services.
      Amended: July 2007

    • AU-1.4.4

      A person does not carry on an activity constituting a regulated investment service if the person is a body corporate and carries on that activity solely with or for other bodies corporate that are members of the same group.

    • AU-1.4.5

      A person does not carry on an activity constituting a regulated investment service if such person carries on an activity with or for another person, and they are both members of the same family.

    • AU-1.4.6

      A person does not carry on an activity constituting a regulated investment service if the sole or main purpose for which the person enters into the transaction is to limit any identifiable risks arising in the conduct of his business, providing the business conducted does not itself constitute a regulated activity.

      Amended: July 2007

    • AU-1.4.7

      For example, an industrial company entering into an interest rate swap to switch floating-rate borrowings for fixed rate borrowings, in order to manage interest rate risk, would not be considered to be dealing in financial instruments as principal, and would not therefore be required to be licensed as an investment firm.

      Amended: July 2007

    • AU-1.4.8

      A person does not carry on an activity constituting a regulated investment service if that person enters into that transaction solely as a nominee for another person, and acts under instruction from that other person; or is an employee or Director of a person who is an investment firm licensee.

      Amended: July 2007

    • AU-1.4.9

      A person does not carry on an activity constituting a regulated investment service if that person is a government body charged with the management of financial instruments on behalf of a government or public body.

    • AU-1.4.10

      A person does not carry on an activity constituting a regulated investment service if that person is an exempt person, as specified by Royal decree.