Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subparagraph 1017E(2)(a)(ii) of the Act, the following accounts are prescribed:
(a) an account with a foreign deposit taking institution that is regulated by a foreign regulatory body that ASIC has approved in writing for this paragraph;
(b) an account with a cash management trust;
(c) a statutory fund under section 29 of the Life Insurance Act 1995 .
(2) For paragraph 1017E(2)(c) of the Act, a product provider to which subsection 1017E(2) of the Act applies must:
(a) operate an account to which paragraph 1017E(2)(a) of the Act applies as a trust account; and
(b) designate the account to be a trust account; and
(c) hold all moneys paid into the account on trust for the benefit of the person who is entitled to the moneys.
(3) For paragraph 1020G(1)(c) of the Act, if money received under section 1017E of the Act is paid into an account under subregulation 7.8.01(6), Part 7.8 of the Act applies to the money.
Note: See also subregulation 7.8.01(7).
(4) For paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if section 1017E of the Act were modified by omitting paragraph 1017E(2)(b) and inserting the following paragraph:
'(b) any money may be paid into the account, provided that:
(i) money to which this section applies; and
(ii) interest on the amount from time to time standing to the credit of the account;
is identified and held in accordance with all other provisions of this section; and'.