Document ID: chunk:federal_register_of_legislation:C2025C00185:section:981h
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 981H
Character Range: 4076551–4077347

981H  Money to which Subdivision applies taken to be held in trust
 (1) Subject to subsection (3), money to which this Subdivision applies that is paid to the licensee:
 (a) by the client; or
 (b) by a person acting on behalf of the client; or
 (c) in the licensee's capacity as a person acting on behalf of the client;
is taken to be held in trust by the licensee for the benefit of the client.
 (3) The regulations may:
 (a) provide that subsection (1) does not apply in relation to money in specified circumstances; and
 (b) provide for matters relating to the taking of money to be held in trust (including, for example, terms on which the money is taken to be held in trust and circumstances in which it is no longer taken to be held in trust).

Subdivision AA—Client money reporting rules