Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p11
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 11/73)
Character Range: 1716338–1719024

paragraph (1)(a).
 (2) Section 26 of the Insurance (Agents and Brokers) Act 1984, and any associated provisions, continues to apply in relation to the regulated principal after the end of the transition period in relation to:
 (a) the person in the capacity of a regulated principal of that kind; and
 (b) the money;
as if the regulated principal were a registered insurance broker within the meaning of the Insurance (Agents and Brokers) Act 1984.
 (3) Subdivision A of Division 2 of Part 7.8 of the Act, and any associated provisions, apply in relation to the regulated principal as if the money were money to which that Subdivision applied.
 (4) A regulated principal must choose whether to deal with the money in accordance with the arrangements mentioned in subregulation (2) or the arrangements mentioned in subregulation (3).
 (5) For this regulation, compliance with the arrangements chosen by a regulated principal is also taken to be compliance with the arrangements that the regulated principal did not choose.

10.2.56  Money other than loans: financial services licensee who ceases to be licensed
 (1) For section 1444 of the Act, this regulation applies in relation to money held by a financial services licensee in an account maintained under any of the following provisions:
 (a) section 866 of the old Corporations Act;
 (b) section 1209 of the old Corporations Act;
 (c) section 26 of the Insurance (Agents and Brokers) Act 1984.
 (2) If any of paragraphs 981F(a) to (d) of the Act applies to the financial services licensee, any money held by the financial services licensee in an account mentioned in subregulation (1) is to be dealt with as if it were held by the licensee in an account maintained for section 981B of the Act.

10.2.57  Loan money: financial services licensee who formerly held dealer's licence
 (1) For section 1444 of the Act, this regulation applies in relation to a financial services licensee who is a regulated principal mentioned in item 1 of the table in section 1430 of the Act, and whose financial services licence covers regulated activities for a regulated principal of that kind, in relation to money:
 (a) received by the person before the end of the transition period in relation to the person in the capacity of a regulated principal of this kind; and
 (b) to which section 872 of the old Corporations Act applied.
 (2) Section 872 of the old Corporations Act, and any associated provisions, continue to apply in relation to the regulated principal after the end of the transition period in relation to:
 (a) the person in the capacity of a regulated principal of that kind; and
 (b) the money;
as if the person were a dealer within