Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p3
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 3/43)
Character Range: 707778–710449

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 financial industry development account, lodge a completed Form 719 with ASIC not later than 3 months after the end of the financial year.

7.5.91  Payment of excess money from fidelity fund
  If there is excess money in a fidelity fund (other than the NGF), the market licensee to which the excess money relates may pay an amount of 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'.

7.5.92  Use of excess money from fidelity fund
 (1) A market licensee that receives a payment of excess money from a fidelity fund 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 fidelity fund.
 (2) If the market licensee contravenes subregulation (1), the market licensee must 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 financial industry development account, lodge a completed Form 719 with ASIC not later than 3 months after the end of the financial year.

7.5.93  Qualified privilege
 (1) For section 892J of the Act, the following persons each have qualified privilege in respect of the publication of a statement, in accordance with Division 3 of Part 7.5 of the Act, that a contract of insurance does, or does not cover a particular participant:
 (a) a market licensee;
 (b) the board of the market licensee;
 (c) an agent of the board of the market licensee;
 (d) an employee of a market licensee.
 (2) For section 892J of the Act, the following persons each have qualified privilege in respect of a notice, in accordance with Division 3 of Part 7.5 of the Act, seeking claims in relation to a