3. Application

Subject to paragraph (2), these Regulations apply to every licensed financial adviser and every exempt financial adviser.

These Regulations apply to any complaint that —

is made on or after 3 January 2022 by any client or prospective client of a financial adviser who, at the time when the complaint is made —

is an individual or an individual proprietor of a sole proprietorship; and

is not an accredited investor, expert investor or institutional investor; and

relates to the provision of any financial advisory service by the financial adviser to the client or prospective client.

Subject to paragraph (2), these Regulations apply to every licensed financial adviser and every exempt financial adviser.

These Regulations apply to any complaint that —

is made on or after 3 January 2022 by any client or prospective client of a financial adviser who, at the time when the complaint is made —

is an individual or an individual proprietor of a sole proprietorship; and

is not an accredited investor, expert investor or institutional investor; and

relates to the provision of any financial advisory service by the financial adviser to the client or prospective client.