Water Act 2007

Despite section 100P, this Division, or a specified provision of this Division, does not apply to an eligible water markets intermediary in relation to a period when:

the eligible water market intermediary maintains a trust account in accordance with a law of a State or Territory that makes provision for a statutory trust accounting scheme; and

the law of the State or Territory is prescribed by the regulations for the purposes of this paragraph; and

regulations for the purposes of this paragraph specify that this Division, or the specified provision of this Division, does not apply to an eligible water market intermediary, or an eligible water market intermediary included in a specified class, during a period when the eligible water market intermediary maintains a trust account in accordance with the law of the State or Territory.

Before a law of a State or Territory is prescribed for the purposes of paragraph (1)(b), the Minister must be satisfied that the statutory trust accounting scheme for which the law makes provision is equivalent in substance to the statutory trust accounting framework established under this Division.

For the purposes of considering whether a statutory trust accounting scheme of a law of a State or Territory is equivalent in substance to the statutory trust accounting framework established under this Division, the Minister must have regard to the matters prescribed by the regulations for the purposes of this subsection.

Without limiting subsection (3), regulations for the purposes of that subsection may prescribe matters for and in relation to the following in relation to a statutory trust accounting scheme of a law of a State or Territory:

audit requirements;

external examination requirements;

requirements in relation to accounting records and practices;

obligations in relation to the deposit and receipt of trust funds;

the capacity for the scheme to deal with the trade or transfer of eligible tradeable water rights including, but not limited to, a trade or transfer that is not part of the transfer of land;

the adequacy of the protection of trust monies;

any other matter that the Minister considers relevant.