Document ID: chunk:federal_register_of_legislation:F2023L01162:body:0:p13
Version: federal_register_of_legislation:F2023L01162
Segment Type: other
Provision Reference: 
Character Range: 29562–32262

Territory; or
(b) a trust account maintained by a solicitor unless moneys in the account include moneys that are excluded from regulation as trust money under laws of the State or Territory relating to legal practitioners that are relevant to the operation of the trust account by the solicitor; or
(c) a trust account maintained by a real estate agent under the law of a State or Territory; or
(d) a trust account maintained by an entity other than the licensee and that provides protections similar to the accounts described in paragraphs (a) to (c), and is approved in writing by ASIC for this purpose.
revenue means, in relation to a financial services licensee:
(a) the licensee's revenue (within the meaning given by the accounting standards); and
(b) to the extent it is not the licensee's revenue (within the meaning of the accounting standards)—any amount paid or payable for the performance of the obligations imposed on the licensee in connection with operating a registered scheme, IDPS or retail CCIV, even if those obligations are performed by another entity.
second financial year means, in relation to a financial services licensee, the financial year immediately following the first financial year.
serviced strata scheme means a registered scheme that involves owners of strata title units, community title interests or similar real property interests at the one real property location, making their units or interests in real property available to a manager for use as part of a serviced apartment, hotel, motel or resort complex.
special custody assets means, in relation to a registered scheme, IDPS or retail CCIV operated by a financial services licensee, any of the following:
(a) for a serviced strata scheme, cash held in a regulated trust account; or
(b) currency and chattels (other than documents) that it would not be reasonably practicable for a person other than the licensee or retail CCIV to hold; or
(c) funds received from members of the scheme or the retail CCIV or clients of the IDPS within the previous 6 months held in a regulated trust account; or
(d) cash held for up to 3 months in an account with an Australian ADI styled as a trust account:
(i) pending payment to members of the scheme or the retail CCIV or clients of the IDPS; or
(ii) to meet expected expenses (not including investments) over a 3-month period; or
(iii) pending application in acquiring a mortgage and paying any fees and costs incidental to the acquisition; or
(e) contractual, lease or licence rights that are not assignable except with the consent of the member or client or that it would not be reasonably practicable to assign and any documents evidencing those contractual, lease