Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.02A

Accounts maintained for the purposes of section 981B of the Act--special rules for retail clients

             (1)  Paragraph 7.8.02(1)(a) does not apply to a written direction to the extent the direction allows the financial services licensee to use derivative retail client money as mentioned in subregulation (3) of this regulation.

             (2)  Paragraph 7.8.02(1)(c) does not apply to an entitlement of the financial services licensee to use derivative retail client money as mentioned in subregulation (3) of this regulation.

             (3)  Subregulations (1) and (2) apply to using the money:

                     (a)  as the licensee's capital, including working capital; or

                     (b)  for the purpose of meeting obligations incurred by the licensee other than on behalf of the client; or

                     (c)  for the purpose of entering into, or meeting obligations under, transactions that the licensee enters into to hedge, counteract or offset the risk to the licensee associated with a transaction between the licensee and the client.



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