Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies if:
(a) a product provider is not able to return money in compliance with subsection 1017E(4) of the Act; and
(b) the product provider is not able to issue or transfer a financial product to, or in accordance with the instructions of, the person who paid that money in compliance with subsection 1017E(4); and
(c) the money is to be transferred to ASIC to be dealt with under Part 9.7 of the Act.
(2) This regulation also applies if:
(a) money is taken out of an account mentioned in subsection 1017E(2) of the Act by a product provider for the purpose of returning it to the person by whom it was paid in compliance with paragraph 1017E(3)(a); and
(b) the product provider is not able to return the money in compliance with subsection 1017E(4).
(3) For paragraph 1017E(3)(d) of the Act, the situations mentioned in subregulations (1) and (2) are situations in which money may be taken out of an account mentioned in section 1017E.
(4) For paragraph 1017E(4)(c) of the Act, the product provider must, after taking the money out of the account:
(a) transfer the money to ASIC to be dealt with under Part 9.7 of the Act; and
(b) give ASIC any information in the possession of the product
provider that could reasonably assist ASIC to assess a claim by a person that
the person is entitled to the money.