Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For section 1444 of the Act, this regulation applies if a person acquired a financial product before the FSR commencement.
(2) Subject to subregulation (3), the person is taken to have acquired the financial product as a retail client.
(3) The person is taken to have acquired the product as a wholesale client if:
(a) the person would not have acquired the product as a retail client if the product had been acquired at the FSR commencement; or
(b) the person would not have acquired the product as a retail client if the Act had applied at the time when the product was acquired.