Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p27
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 27/41)
Character Range: 700193–702908

person (who is not the trustee), on behalf of the secured person, under the terms of an arrangement evidenced in writing.
 (1D) For the purposes of paragraph (1C)(c), financial property is taken not to be in the possession or control of a person mentioned in that paragraph if, under the charge, the trustee is free to deal with the financial property in the ordinary course of business until the person's interest in the financial property becomes fixed and enforceable.
 (1E) Without limiting paragraph (1C)(c), financial property is taken to be in the possession of a person for the purposes of that paragraph if:
 (a) in a case where there is an issuer of the financial property—the person is registered by, or on behalf of, the issuer as the registered owner of the financial property; or
 (b) in a case where the financial property is intermediated financial property—the person is the person in whose name the intermediary maintains the account.
 (1F) Without limiting paragraph (1C)(c), financial property is taken to be under the control of a person for the purposes of that paragraph if:
 (a) the financial property is intermediated financial property; and
 (b) the intermediary is not the trustee (but may be the secured person or any other person); and
 (c) there is an agreement in force between the intermediary and one or more other persons, one of which is the secured person or the trustee; and
 (d) the agreement has one or more of the following effects:
 (i) the person in whose name the intermediary maintains the account is not able to transfer or otherwise deal with the financial property;
 (ii) the intermediary must not comply with instructions given by the trustee in relation to the financial property without seeking the consent of the secured person (or a person who has agreed to act on the instructions of the secured person);
 (iii) the intermediary must comply, or must comply in one or more specified circumstances, with instructions (including instructions to debit the account) given by the secured person in relation to the intermediated financial property without seeking the consent of the trustee (or any person who has agreed to act on the instructions of the trustee).
 (1G) Without limiting paragraph (1C)(c), the fact that the trustee retains a right of one or more of the following kinds does not of itself stop that paragraph from being satisfied:
 (a) right to receive and withdraw income in relation to the financial property;
 (b) right to receive notices in relation to the financial property;
 (c) right to vote in relation to the financial property;
 (d) right to substitute other financial property that the parties agree is of equivalent value for the financial