Document ID: chunk:federal_register_of_legislation:F2024C01132:reg:20:p1
Version: federal_register_of_legislation:F2024C01132
Segment Type: reg
Provision Reference: reg 20 (pt 1/2)
Character Range: 78282–80845

20  Permit for assets and controlled assets
 (1) An application for a permit authorising the making available of an asset to a person or entity that would otherwise contravene regulation 14 must be for:
 (a) a basic expense dealing; or
 (b) a legally required dealing; or
 (c) a contractual dealing.
Note: See paragraph 18(1)(e).
 (2) An application for a permit authorising a use of, or a dealing with, a controlled asset must be for:
 (a) a basic expense dealing; or
 (b) a legally required dealing; or
 (c) a contractual dealing.
Note: See paragraph 18(1)(f).
 (3) A dealing is a basic expense dealing if:
 (a) it is constituted by:
 (i) a payment to a designated person or entity; or
 (ii) a payment to a person or entity acting on behalf of, or at the direction of, a designated person or entity; or
 (iii) a payment to an entity owned or controlled by a designated person or entity; or
 (iv) a use or dealing with a controlled asset; and
 (b) the dealing is necessary for basic expenses, including any of the following:
 (i) foodstuffs;
 (ii) rent or mortgage;
 (iii) medicines or medical treatment;
 (iv) taxes;
 (v) insurance premiums;
 (vi) public utility charges;
 (vii) reasonable professional fees;
 (viii) reimbursement of expenses associated with the provision of legal services;
 (ix) fees or service charges that are in accordance with a law in force in Australia for the routine holding or maintenance of frozen assets.
 (4) A dealing is a legally required dealing if:
 (a) it is constituted by:
 (i) a payment to a designated person or entity; or
 (ii) a payment to a person or entity acting on behalf of, or at the direction of, a designated person or entity; or
 (iii) a payment to an entity owned or controlled by a designated person or entity; or
 (iv) a use or dealing with a controlled asset; and
 (b) the dealing is necessary to satisfy a judicial, administrative or arbitral lien or judgement that was made prior to the date on which the person or entity became a designated person or entity; and
 (c) the dealing is not for the benefit of a designated person or entity.
 (5) A dealing is a contractual dealing if:
 (a) it is constituted by:
 (i) a payment to a designated person or entity; or
 (ii) a payment to a person or entity acting on behalf of, or at the direction of, a designated person or entity; or
 (iii) a payment to an entity owned or controlled by a designated person or entity; or
 (iv) a use or dealing with a controlled asset; and
 (b) the dealing is a payment:
 (i) to apply interest or other earnings due on accounts