Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p23
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 23/49)
Character Range: 1039493–1042192

money was paid; and
 (ii) section 761GA of the Act (about sophisticated investors) did not apply.

7.8.01  Obligation to pay money into an account
 (1) For subparagraph 981B(1)(a)(i) of the Act, the reference in that subparagraph to an account with an Australian ADI does not prevent a financial services licensee that is an ADI from paying money into an account held by itself.
 (2) For subparagraph 981B(1)(a)(ii) of the Act, the following accounts are prescribed:
 (a) an account with an approved foreign bank;
 (b) a cash management trust.
 (3) For subparagraph 981B(1)(b)(iv) of the Act, if, in accordance with an agreement mentioned in paragraph 7.8.02(3)(a), a financial services licensee is required to pay an amount mentioned in subparagraph 7.8.02(3)(a)(iv), that amount is money which must be paid into an account to which that subparagraph applies.
 (4) For subparagraph 981B(1)(b)(iv) of the Act:
 (a) money paid to a financial services licensee:
 (i) from or on behalf or an insured or intending insured for or on account of an insurer; and
 (ii) in connection with a contract of insurance or proposed contract of insurance;
  is money which may be paid into an account to which that subparagraph applies; and
 (b) money paid to a financial services licensee from or on behalf of an insurer for or on account of an insured or intending insured is money which may be paid into an account to which that subparagraph applies.
 (4A) For subparagraph 981B(1)(b)(iv) of the Act, if a financial services licensee is required, by the market integrity rules or the operating rules of a licensed market, to pay an amount into an account to which section 981B relates, the amount is money which may be paid into that account.
 (5) For paragraph 981B(1)(c) of the Act, a financial services licensee must:
 (a) operate an account to which that paragraph applies as a trust account; and
 (b) designate the account to be a trust account; and
 (c) hold all moneys paid into the account (other than moneys paid to the financial services licensee under the financial services licensee's obligation to call margins from clients under the market integrity rules, the operating rules of a licensed market or the operating rules of a licensed CS facility) on trust for the benefit of the person who is entitled to the moneys.
 (6) For subparagraph 981B(1)(b)(iv) of the Act, money received under section 1017E of the Act is money which may be paid into:
 (a) an account to which section 981B relates; or
 (b) an insurance broking account maintained under section 26 of the Insurance (Agents and Brokers) Act 1984.
 (7) For paragraph 981B(1)(c) of the Act, if money received under section 1017E of the Act is