Commonwealth Consolidated Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS REGULATIONS 2001 - REG 7.5.88

Minister's arrangements for use of excess money from compensation funds

  (1)   The Minister may approve, in writing, a matter as an approved purpose for which excess money may be used by a market licensee.

  (2)   The matter must relate to:

  (a)   the creation of, or participation in, a program for the development of the financial industry that:

  (i)   is conducted primarily for a public benefit; and

  (ii)   is not conducted primarily to promote the profitability of the commercial operations of any market; or

  (b)   the payment of premiums for fidelity insurance or other compensation arrangements for the financial market as part of an approved compensation arrangement for Division   3 of Part   7.5 of the Act; or

  (c)   costs paid by the market licensee in relation to ASIC's responsibilities for market supervision created by the Corporations Amendment (Financial Market Supervision) Act 2010 ; or

  (d)   the making of payments to ASIC by the market licensee in relation to ASIC's responsibilities for market supervision created by the Corporations Amendment (Financial Market Supervision) Act 2010 .

Examples for paragraph   (2)(a):

1   Public education activities.

2   Research into future product or service needs.

3   Research and consulting services intended to improve the international performance of Australian financial markets.

4   Improvement of Australia's role as a financial centre.

  (3)   The Minister may, in relation to an approved purpose, determine conditions to which the use of excess money for the approved purpose must be subject.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback