Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 10.2.55

Money other than loans: financial services licensee who was formerly a registered insurance broker

             (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 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).

             (2)  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 .

             (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.



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