Document ID: chunk:federal_register_of_legislation:F2018L00152:reg:8:p1
Version: federal_register_of_legislation:F2018L00152
Segment Type: reg
Provision Reference: reg 8 (pt 1/2)
Character Range: 4886–8046

8  Purposes of the special account
       (1)              For subsection 78(1)(c) of the Act, the purposes of the special account, in relation to which amounts may be debited from the special account, are:
          (a)                     to perform duties or exercise powers for and on behalf of the Commonwealth in relation to money and other property vested in or held on behalf of the Commonwealth as a trustee, including:
              (i)              by making payments in relation to deregistered companies and property vested in the Commonwealth under Part 5A.1 of the Corporations Act;
              (ii)            by making payments in relation to liabilities imposed on property vested in the Commonwealth under Part 5A.1 of the Corporations Act; or
              (iii)          by making payments in relation to expenses incurred by or on behalf as the Commonwealth as a trustee.
          (b)                     to perform functions or exercise powers in relation to money or other property held on behalf of or for the benefit of a person other than the Commonwealth, including:
              (i)              in relation to money or other property held temporarily by ASIC as a consequence of investigations conducted by ASIC, legal proceedings to which ASIC is a party, deeds of settlement to which ASIC is a party, enforceable undertakings accepted by ASIC and court orders referring to ASIC;
              (ii)            by making payments to or for the benefit of a person for whose benefit the money was held by ASIC;
              (iii)          making payments of amounts required or contemplated to be paid by ASIC in the course of an investigation;
              (iv)          making payments to give effect to court orders, enforceable undertakings, settlements, transfers of assets, or other disbursements of monies held by ASIC on behalf of a person other than the Commonwealth; or
              (v)            making payments in relation to expenses incurred in relation to holding and realising third party assets, or locating and identifying any person for whose benefit an amount is held.
          (c)                     to perform functions and to exercise powers in relation to security bonds and security deposits lodged by registered liquidators, licensed securities dealers, licensed investment advisers and financial services licensees, including security bonds and security deposits lodged under section 912B of the Corporations Act, and regulations 7.6.02AAA and 7.6.02AA of the Corporations Regulations, including by:
               (i)     discharging, returning or releasing a security bond or security deposit lodged with ASIC in whole or in part; or
               (ii)   making payments from security bonds or security deposits to compensate a person other than the Commonwealth who has suffered a pecuniary loss.
          (d)                     to repay an amount where a court order, Act or other law requires or permits the repayment of an amount received under clause 7; or
          (e)                     to reduce the balance of the special account (and, therefore, the available appropriation for