Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to paragraph 766A(2)(b), treat subsection 766A(1) as also providing that a person provides a financial service if:
(a) the person operates the business and conducts the affairs of a CCIV; and
(b) the person is the corporate director of the CCIV.
Note: Subsection (1) means persons other than the corporate director will not be treated as providing that financial service if they operate the business and conduct the affairs of the CCIV while:
(a) acting as an agent of the CCIV, or as an agent or employee of the corporate director; or
(b) taking steps to wind up the CCIV.
(2) For the purposes of Chapter 7, each of the members of a CCIV covered by subsection (1) is a client for the financial service covered by that subsection.