(1) If a person is required by the terms of an offer of ESS interests in a body corporate that is not included in the official list of a financial market covered by section 1100K to hold application money received from ESS participants in trust until the start of a liquidity period, the person must hold the application money in trust under this section until:
(a) the start of the liquidity period; or
(b) the money is returned to the ESS participants.
(2) If the application money needs to be returned to an ESS participant, the person must return the money as soon as practicable.
(3) An offence based on subsection (1) or (2) is an offence of strict liability.