Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p2
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 2/43)
Character Range: 705211–708018

or other compensation arrangements for the financial market as part of an approved compensation arrangement for Division 3 of Part 7.5 of the Act; or
 (c) costs paid by the market licensee in relation to ASIC's responsibilities for market supervision created by the Corporations Amendment (Financial Market Supervision) Act 2010; or
 (d) the making of payments to ASIC by the market licensee in relation to ASIC's responsibilities for market supervision created by the Corporations Amendment (Financial Market Supervision) Act 2010.
Examples for paragraph (2)(a):
1 Public education activities.
2 Research into future product or service needs.
3 Research and consulting services intended to improve the international performance of Australian financial markets.
4 Improvement of Australia's role as a financial centre.
 (3) The Minister may, in relation to an approved purpose, determine conditions to which the use of excess money for the approved purpose must be subject.

7.5.89  Payment of excess money from NGF
 (1) If the Minister notifies the SEGC in accordance with subregulation 7.5.86(1), the SEGC may determine, in writing, that an amount of excess money specified in the determination be paid to 1 or more of the market licensees specified in the Minister's notification.
 (2) The amount must be paid in accordance with the SEGC's determination.
 (3) A market licensee that receives a payment of excess money from the NGF must pay the excess money into an account that:
 (a) is kept separately from other accounts used by the market licensee; and
 (b) is designated as a 'financial industry development account'.

7.5.90  Use of excess money from NGF
 (1) A market licensee that receives a payment of excess money from the NGF must use the money only:
 (a) for a purpose approved under subregulation 7.5.88(1), and in accordance with any conditions to which the use of the money is subject under subregulation 7.5.88(3); or
 (b) in accordance with subregulation (3); or
 (c) to make a repayment to the NGF.
 (2) If the market licensee contravenes subregulation (1), the market licensee must:
 (a) notify the SEGC of the contravention as soon as practicable; and
 (b) repay the amount involved into its financial industry development account.
 (3) If there is no immediate requirement for the market licensee to use an amount of excess money in its financial industry development account:
 (a) the market licensee may invest the amount in a way authorised by section 892C of the Act; and
 (b) if the market licensee invests excess money during a financial year, the market licensee must pay any interest or profit from the investment into its financial industry development account.
 (4) The market licensee must, in respect of each financial year during which, at any time, there is money in its