Document ID: chunk:federal_register_of_legislation:F2024C01224:reg:3:p2
Version: federal_register_of_legislation:F2024C01224
Segment Type: reg
Provision Reference: reg 3 (pt 2/13)
Character Range: 215805–218334

price at which the interest could have been acquired on the day of return of the amount is greater than the price on the day on which the interest was acquired, the amount that would otherwise be returned to the entity or person that paid the amount may be increased by the amount of the difference between the prices;
 (iii) if the price at which the interest could be acquired cannot be determined in accordance with the contract or legal relationship on the day on which the amount is returned, the price is to be determined:
 (A) on the basis of the most recent day on which a price was calculated in accordance with the contract or legal relationship; or
 (B) if there is no day of that kind—as soon as practicable after the decision is made to return the amount;
 (iv) in addition to subparagraph (i), the amount that would, but for this subparagraph, be returned to the entity or person that paid the amount may be reduced to account for reasonable administration costs and transaction costs, incurred by the RSA institution, that:
 (A) are reasonably related to the acquisition of the interest and the return of the amount; and
 (B) do not exceed the true cost of an arm's length transaction;
  other than costs related to commissions or similar benefits;
 (v) if:
 (A) the interest is a risk insurance interest, or the part of an interest that is a risk insurance interest; and
 (B) the interest has been issued for a specific period, or the premium for the interest has been paid in relation to cover for a specific period; and
 (C) a proportion of the specific period has already passed when the decision is made to return the amount to the entity or person that paid the amount;
  the amount that would otherwise be returned to the entity or person that paid the amount may be reduced by the sum of:
 (D) that part of any amount received in a manner inconsistent with subregulation (1), (1A) or (2) as has been paid by the RSA institution to any person in connection with the risk insurance product and which is not recoverable by the RSA institution from that person; and
 (E) the proportion equal to the proportion of the period that has passed of  the difference between the amount that would otherwise be returned and the amount referred to in paragraph (a).
 (5) If an RSA institution acts under subregulation (4), the RSA institution is taken not to have contravened the Act or these Regulations in relation to the acceptance of the amount or in relation to the return of the amount to the entity or person that