(1) For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in item 1 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 money:
(a) 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
(b) to which subsection 867(1) of the old Corporations Act applied.
(2) Sections 866 to 871 of the old Corporations Act, and any associated provisions, continue to apply 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 licensee within the meaning of Part 7.6 of the old Corporations Act.
(3) 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.
(4) 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).
(5) 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.