(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.