Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:4:p25
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 4 (pt 25/49)
Character Range: 1044388–1047105

section 981B money.
 (14) For subregulations (11) to (13):
mixed money means money that:
 (a) is received by the licensee as a single payment; and
 (b) is not wholly section 981B money, but includes section 981B money.
section 981B money means:
 (a) money to which Subdivision A of Division 2 of Part 7.8 of the Act applies; or
 (b) money that is allowed to remain in the account because of the operation of subparagraphs 981B(1)(b)(ii) and (iii) of the Act; or
 (c) money mentioned in subregulation (4).
unidentified money means money that:
 (a) is received by the licensee as a single payment; and
 (b) at the time of receipt, is unable to be identified as section 981B money or mixed money; and
 (c) might include section 981B money.

7.8.02  Accounts maintained for section 981B of the Act

Withdrawals from account
 (1) For paragraph 981C(1)(a) of the Act, payments may be made out of an account maintained for section 981B of the Act in any of the following circumstances:
 (a) making a payment to, or in accordance with the written direction of, a person entitled to the money (subject to regulation 7.8.02A);
 (b) defraying brokerage and other proper charges;
 (c) paying to the financial services licensee money to which the financial services licensee is entitled (subject to regulation 7.8.02A);
 (d) making a payment of moneys due to an insurer in connection with a contract of insurance;
 (e) making a payment that is otherwise authorised by law;
 (f) paying to the financial services licensee money to which the financial services licensee is entitled pursuant to the market integrity rules or the operating rules of a licensed market.
 (1A) For paragraph 981C(1)(a) and subparagraph 981B(1)(b)(iv) of the Act, if, under paragraph (1)(a), a financial services licensee (the paying licensee) withdraws money from an account maintained for section 981B of the Act and pays it to another financial services licensee (the receiving licensee):
 (a) the paying licensee must ensure that the receiving licensee is notified, at the same time as the payment is made or as soon as practicable, that the money:
 (i) has been withdrawn from an account of the paying licensee maintained for section 981B of the Act; and
 (ii) should be paid into an account of the receiving licensee maintained for section 981B of the Act; and
 (b) not later than the day after the receiving licensee receives the payment, the receiving licensee must pay the money into an account of the receiving licensee maintained for section 981B of the Act.

Permissible investments
 (2) For paragraph 981C(1)(a) of the Act, and subject to subregulations (3), (4) and (5), the following kinds of investment may be made in relation to an account