CORPORATIONS ACT 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  

SECTION 892C   MONEY IN REGULATED FUNDS MAY BE INVESTED  

892C(1)   [ Power to invest]  

Money in a regulated fund that is not immediately required for the purposes of meeting claims may be invested in any way in which trustees are for the time being authorised by law in force in a State or Territory in this jurisdiction to invest trust funds.

892C(2)   [ Appointment of person to invest]  

The relevant authority may, with the approval of ASIC, appoint a person to invest on behalf of the relevant authority money to which subsection (1) applies.

892C(3)   [ Criteria for approval]  

ASIC must not grant approval to the appointment of a person under subsection (2) unless it is satisfied that:


(a) the person has appropriate qualifications and expertise to perform the duties of the appointment; and


(b) the relevant authority has adequate indemnity insurance in respect of its liabilities for any negligence, or any defalcation or fraudulent misuse of property, by the person in the performance of those duties, or has made other satisfactory provisions for meeting those liabilities.

892C(4)   [ Performance of appointee's duties]  

A person appointed under subsection (2) must perform the duties of the appointment in accordance with the directions of the relevant authority and subject to such conditions (if any) as the relevant authority imposes.


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