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 10.2.55   MONEY OTHER THAN LOANS: FINANCIAL SERVICES LICENSEE WHO WAS FORMERLY A REGISTERED INSURANCE BROKER  

10.2.55(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 5 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:

(i) received by the person before the end of the transition period in relation to the person in their capacity as a regulated principal of that kind; and

(ii) to which section 26 of the Insurance (Agents and Brokers) Act 1984 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).

10.2.55(2)   [ Continued application of previous provisions]  

Section 26 of the Insurance (Agents and Brokers) Act 1984 , and any associated provisions, continues 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 registered insurance broker within the meaning of the Insurance (Agents and Brokers) Act 1984 .

10.2.55(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.

10.2.55(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).

10.2.55(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.