Commonwealth Consolidated Regulations

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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.



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