Section 924A — Corporations Act 2001: Agreements with certain unlicensed persons

(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.