Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 5 - Provisions common to both kinds of compensation arrangements  

REGULATION 7.5.90   USE OF EXCESS MONEY FROM NGF  

7.5.90(1)   [ Permitted uses]  

A market licensee that receives a payment of excess money from the NGF must use the money only:

(a) for a purpose approved under subregulation 7.5.88(1) , and in accordance with any conditions to which the use of the money is subject under subregulation 7.5.88(3) ; or

(b) in accordance with subregulation (3); or

(c) to make a repayment to the NGF.

7.5.90(2)   [ Contravention]  

If the market licensee contravenes subregulation (1), the market licensee must:

(a) notify the SEGC of the contravention as soon as practicable; and

(b) repay the amount involved into its financial industry development account.

7.5.90(3)   [ No immediate requirement to use]  

If there is no immediate requirement for the market licensee to use an amount of excess money in its financial industry development account:

(a) the market licensee may invest the amount in a way authorised by section 892C of the Act; and

(b) if the market licensee invests excess money during a financial year, the market licensee must pay any interest or profit from the investment into its financial industry development account.

7.5.90(4)   [ Lodgment of Form 719]  

The market licensee must, in respect of each financial year during which, at any time, there is money in its financial industry development account, lodge a completed Form 719 with ASIC not later than 3 months after the end of the financial year.