Corporations Amendment Regulations 2002 (No. 3) (41 of 2002)

Schedule 1   Amendments commencing at 12.02 am (in the Australian Capital Territory) on 11 March 2002

[43]   After subregulation 7.8.02 (1)

insert

(1A) For paragraph 981C (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(i) has been withdrawn from an account of the paying licensee maintained for section 981B of the Act; and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.