Corporations Regulations 2001

CHAPTER 10 - REPEALS, TRANSITIONAL MATTERS AND APPLICATION PROVISIONS  

PART 10.2 - TRANSITIONAL ARRANGEMENTS RELATING TO FINANCIAL SERVICES REFORM LEGISLATION  

Division 15 - Other provisions relating to conduct etc  

REGULATION 10.2.54   MONEY OTHER THAN LOANS: FINANCIAL SERVICES LICENSEE WHO FORMERLY HELD FUTURES BROKER'S LICENCE  

10.2.54(1)   [ Application]  

For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in item 3 of the table in section 1430 of the Act, and whose financial services licence covers regulated activities for a regulated principal of that kind, in relation to:

(a) money received by the person before the end of the transition period in relation to the person in the capacity of a regulated principal of that kind and to which section 1209 of the old Corporations Act applied; and

(b) money received by the person after the end of the transition period in relation to the person in the capacity of a regulated principal of that kind as a result of:

(i) the payment of interest, dividends or other income from the investment of money mentioned in paragraph (1)(a); or

(ii) the realisation of an investment of money mentioned in paragraph (1)(a); and

(c) money received by the person under subsection 1209(5A) of the old Corporations Act after the end of the transition period in relation to the person in the capacity of a regulated principal of that kind.

10.2.54(2)   [ Continued application of previous provisions]  

Section 1209 of the old Corporations Act, and any associated provisions, continue to apply in relation to the regulated principal after the end of the transition period in relation to:

(a) the person in the capacity of a regulated principal of that kind; and

(b) the money;

as if the regulated principal were a futures broker within the meaning of the old Corporations Act.

10.2.54(3)   [ Regulated principal]  

Subdivision A of Division 2 of Part 7.8 of the Act, and any associated provisions, apply in relation to the regulated principal as if the money were money to which that Subdivision applied.

10.2.54(4)   [ Method of dealing with money]  

A regulated principal must choose whether to deal with the money in accordance with the arrangements mentioned in subregulation (2) or the arrangements mentioned in subregulation (3).

10.2.54(5)   [ Compliance]  

For this regulation, compliance with the arrangements chosen by a regulated principal is also taken to be compliance with the arrangements that the regulated principal did not choose.