Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
Modifying legislative instruments: The application of Pt 7.9 is affected by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
For subparagraph 1017E(2) (a)(ii) of the Act, the following accounts are prescribed:
(a) an account with a foreign deposit taking institution that is regulated by a foreign regulatory body that ASIC has approved in writing for this paragraph;
(b) an account with a cash management trust;
(c) a statutory fund under section 29 of the Life Insurance Act 1995 .
For paragraph 1017E(2) (c) of the Act, a product provider to which subsection 1017E(2) of the Act applies must:
(a) operate an account to which paragraph 1017E(2) (a) of the Act applies as a trust account; and
(b) designate the account to be a trust account; and
(c) hold all moneys paid into the account on trust for the benefit of the person who is entitled to the moneys.
For paragraph 1020G(1)(c) of the Act, if money received under section 1017E of the Act is paid into an account under subregulation 7.8.01(6), Part 7.8 of the Act applies to the money.
Note: See also subregulation 7.8.01(7).
For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1017E of the Act were modified by omitting paragraph 1017E(2)(b) and inserting the following paragraph:
" (b) any money may be paid into the account, provided that:
(i) money to which this section applies; and (ii) interest on the amount from time to time standing to the credit of the account; is identified and held in accordance with all other provisions of this section; and " .
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