Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 5 - Provisions common to both kinds of compensation arrangements  

REGULATION 7.5.88   MINISTER'S ARRANGEMENTS FOR USE OF EXCESS MONEY FROM COMPENSATION FUNDS  

7.5.88(1)   [ Approval of matter as approved purpose]  

The Minister may approve, in writing, a matter as an approved purpose for which excess money may be used by a market licensee.

7.5.88(2)   [ Matter must relate to]  

The matter must relate to:

(a) the creation of, or participation in, a program for the development of the financial industry that:

(i) is conducted primarily for a public benefit; and

(ii) is not conducted primarily to promote the profitability of the commercial operations of any market; or

(b) the payment of premiums for fidelity insurance or other compensation arrangements for the financial market as part of an approved compensation arrangement for Division 3 of Part 7.5 of the Act; or

(c) costs paid by the market licensee in relation to ASIC ' s responsibilities for market supervision created by the Corporations Amendment (Financial Market Supervision) Act 2010 ; or

(d) the making of payments to ASIC by the market licensee in relation to ASIC ' s responsibilities for market supervision created by the Corporations Amendment (Financial Market Supervision) Act 2010 .

Examples for paragraph (2)(a)

1.   Public education activities.

2.   Research into future product or service needs.

3.   Research and consulting services intended to improve the international performance of Australian financial markets.

4.   Improvement of Australia's role as a financial centre.

7.5.88(3)   [ Imposition of conditions]  

The Minister may, in relation to an approved purpose, determine conditions to which the use of excess money for the approved purpose must be subject.