Document ID: chunk:federal_register_of_legislation:C2018C00124:clause:5_981k
Version: federal_register_of_legislation:C2018C00124
Segment Type: clause
Provision Reference: sch 5 cl 981K
Character Range: 20877–23005

981K  Matters that may be dealt with in client money reporting rules
 (1) The client money reporting rules may impose any of the following kinds of requirements:
 (a) requirements to report information (see also paragraph (2)(b));
 (b) reconciliation requirements (see also paragraph (2)(c));
 (c) requirements that are incidental or related to the requirements mentioned in paragraph (a) or (b).
 (2) The client money reporting rules may also deal with matters incidental or related to requirements referred to in subsection (1), including any of the following:
 (a) the classes of money in relation to which particular requirements apply;
 (b) for requirements to report information:
 (i) to whom information is required to be reported; and
 (ii) the information that is required to be reported;
 (c) for reconciliation requirements:
 (i) the information that is required to be reconciled; and
 (ii) how reconciliations are required to be reviewed or approved, including who is required to review or approve reconciliations; and
 (iii) to whom reconciliations are required to be submitted;
 (d) the financial services licensees who are required to comply with requirements imposed by the rules;
 (e) the manner and form in which persons must comply with requirements imposed by the rules;
 (f) the circumstances in which persons are, or may be, relieved from complying with requirements in the rules that would otherwise apply to them;
 (g) the keeping of records, or the provision of records or other information, relating to accounts maintained for the purposes of section 981B;
 (h) the keeping of records, or the provision of records or other information, relating to compliance with (or determining whether there has been compliance with) the rules;
 (i) any matters that the regulations provide, for the purposes of this paragraph, may be dealt with in the client money reporting rules;
 (j) any other matters that the provisions of this Act provide may be dealt with in the client money rules.
 (3) The client money reporting rules may include a penalty amount for a rule. A penalty amount must not exceed $1,000,000.