Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p24
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 24/49)
Character Range: 1041955–1044625

to which section 981B relates; or
 (b) an insurance broking account maintained under section 26 of the Insurance (Agents and Brokers) Act 1984.
 (7) For paragraph 981B(1)(c) of the Act, if money received under section 1017E of the Act is paid into an account under subregulation (6), Part 7.8 of the Act applies to the money.
Note: See also subregulation 7.9.08(3).
 (8) For paragraph 981B(1)(c) of the Act, if a financial services licensee is required to call margins from a client under the market integrity rules, the operating rules of a licensed market or the operating rules of a licensed CS facility:
 (a) the financial services licensee may operate an account to which that paragraph applies as:
 (i) a clients' segregated account; or
 (ii) a trust account;
  in accordance with the operating rules or market integrity rules; and
 (b) if:
 (i) the account is operated outside Australia; and
 (ii) the law in force in the jurisdiction where it is maintained requires the account to be designated in a particular way;
  the financial services licensee must designate the account in that way.
Note: The operating rules or market integrity rules may require client moneys, including moneys used for margining, to be held in either a clients' segregated account or a trust account.
 (9) For subparagraph 981B(1)(b)(iv) of the Act, if an account is operated in accordance with subregulation (8), all money received by the financial services licensee under Subdivision A of Division 2 of Part 7.8 of the Act is money that may be paid into that account.
 (10) Subregulation (8) does not affect the operation of section 981E of the Act.
 (11) For subparagraph 981B(1)(b)(iv) of the Act, each of the following is money that may be paid into an account:
 (a) mixed money;
 (b) unidentified money.
 (12) For paragraph 981B(1)(c) of the Act, if mixed money is paid into an account under subregulation (11), the licensee must, as soon as practicable, but within 1 month after the mixed money is paid into the account, remove from the account the part of the money that is not section 981B money.
 (13) For paragraph 981B(1)(c) of the Act, if unidentified money is paid into an account under subregulation (11), the licensee must, as soon as practicable after the unidentified money is paid into the account:
 (a) identify any part of the money that is section 981B money; and
 (b) remove from the account any part of the money that is not section 981B money.
 (14) For subregulations (11) to (13):
mixed money means money that:
 (a) is received by the licensee as a single payment; and
 (b) is not wholly section 981B money, but includes section 981B money.
section 981B money