Use of excess money from fidelity fund
7.5.92 Use of excess money from fidelity fund
A market licensee that receives a payment of excess money from a fidelity fund must use the money only:
for a purpose approved under subregulation 7.5.88(1), and in accordance with any conditions to which the use of the money is subject under subregulation 7.5.88(3); or
in accordance with subregulation (3); or
to make a repayment to the fidelity fund.
If the market licensee contravenes subregulation (1), the market licensee must repay the amount involved into its financial industry development account.
If there is no immediate requirement for the market licensee to use an amount of excess money in its financial industry development account:
the market licensee may invest the amount in a way authorised by section 892C of the Act; and
if the market licensee invests excess money during a financial year, the market licensee must pay any interest or profit from the investment into its financial industry development account.
The market licensee must, in respect of each financial year during which, at any time, there is money in its financial industry development account, lodge a completed Form 719 with ASIC not later than 3 months after the end of the financial year.
This Act’s bill:Explanatory statement
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