Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.04

Money to which Subdivision A of Division 2 of Part 7.8 of the Act applies taken to be held in trust: breach of financial services law

                   For paragraph 981H(3)(b) of the Act, if client money is held by an investment mentioned in subregulation 7.8.02(5) following a breach of a financial services law:

                     (a)  the money is subject to a trust in favour of the client to the extent that the client is entitled to the money; and

                     (b)  any investment of the money is subject to a trust in favour of the client to the extent that the client is entitled to the investment; and

                     (c)  the proceeds of a realisation of an investment of the money are subject to a trust in favour of the client to the extent that the client is entitled to the proceeds.



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