7.5.89
CurrentPayment of excess money from NGF
Chapter 7Financial services and markets
Part 7.5Compensation regimes for financial markets
Division 5Provisions common to both kinds of compensation arrangements
7.5.89 Payment of excess money from NGF
(1)
If the Minister notifies the SEGC in accordance with subregulation 7.5.86(1), the SEGC may determine, in writing, that an amount of excess money specified in the determination be paid to 1 or more of the market licensees specified in the Minister’s notification.
(2)
The amount must be paid in accordance with the SEGC’s determination.
(3)
A market licensee that receives a payment of excess money from the NGF must pay 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’.
This Act’s bill:Explanatory statement
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