Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Exceptions to the
meaning of finance broker in and for the purposes of this Act are as
follows —
(a) a
bank;
(aa) a
corporation that is a friendly society within the meaning of section 16C
of the Life Insurance Act 1995 of the Commonwealth;
(ab) an
insurance company authorised under any law of the Commonwealth or State to
carry on insurance business;
(b) a
pastoral company in respect of which the Minister is satisfied that, by reason
of an order in force under section 11 of the Banking Act 1959 of the
Parliament of the Commonwealth, or that Act as amended from time to time, the
clients of the company are adequately safeguarded in respect of the proper
application of trust funds received by the company from them or on their
behalf;
[(c) deleted]
(d) a
financial services licensee (within the meaning of the
Corporations Act 2001 of the Commonwealth), when dealing in securities
(within the meaning of section 92 of that Act) that he or she is
authorised to deal in by that licence;
(da) a
regulated principal (within the meaning of section 1430 of the
Corporations Act 2001 of the Commonwealth), who held a dealers licence
under the Corporations Act 2001 of the Commonwealth immediately before
the commencement of Schedule 1 to the Financial Services Reform
Act 2001 of the Commonwealth, when dealing in securities that he or she
is authorised to deal in by Part 10.2 Division 1 Subdivision D of
that Act;
(e) a
body corporate authorised by the law of any State, or of a Territory, of the
Commonwealth to take in its own name, a grant of probate or of letters of
administration of the estate of a deceased person;
(f)
Australian legal practitioners (within the meaning of that term in the
Legal Profession Act 2008 section 3) when acting incidentally to the
practice of their profession as such;
(g) a
person who, in association with a bona fide business of supplying goods or
services carried on by him, acts as an intermediary to negotiate or arrange
loans for persons who deal with him in the ordinary course of that business
and who authorise in writing the application of the loans in payment for the
goods or services; and
(h)
persons and classes of persons exempted from the Act under
subsection (2).
(2) The Governor may
make regulations under this subsection exempting a person or class of persons
from the operation of this Act, or specified provisions of this Act.
(3) Regulations made
under subsection (2) may make an exemption subject to specified terms or
conditions.
[Section 5 amended by No. 10 of 1982
s. 28; No. 26 of 1999 s. 79(3); No. 12 of 2001 s. 51;
No. 21 of 2003 s. 13; No. 65 of 2003 s. 35(2); No. 53 of 2004
s. 5; No. 17 of 2005 s. 27; No. 21 of 2008 s. 664.]
[Heading inserted by No. 53 of 2004 s. 6.]