Part 1—Establishment
1 Name
This instrument is the PGPA Act Determination (ASIC Trust and Other Moneys Special Account 2018).
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| The whole of this instrument | The later of 31 March 2018 or the day mentioned in paragraph 79(5)(a) of the Act.
| |
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any version of this instrument published on the Federal Register of Legislation.
3 Authority
This instrument is made under subsections 78(1) and 78(3) of the Act.
4 Definitions
In this instrument:
Act means the Public Governance, Performance and Accountability Act 2013.
ASIC means the Australian Securities and Investments Commission.
ASIC Act means the Australian Securities and Investments Commission Act 2001.
Chairperson of ASIC means the person appointed as Chairperson of ASIC under section 10 of the ASIC Act.
Corporations Act means the Corporations Act 2001.
Corporations Regulations means the Corporations Regulations 2001.
date of repeal means the date on which subclause 11(1) takes effect.
Deregistered Companies instrument means the Financial Management and Accountability Determination 2008/02 — ASIC Deregistered Companies Trust Moneys Special Account Establishment 2008.
Deregistered Companies account means the ASIC Deregistered Companies Trust Moneys Special Account, which was established by the Deregistered Companies instrument.
Investigations instrument means the Financial Management and Accountability Determination 2008/04 — ASIC Investigations, Legal Proceedings, Settlements and Court Orders Special Account Establishment 2008.
Investigations account means the ASIC Investigations, Legal Proceedings, Settlements and Court Orders Special Account, which was established by the Investigations instrument.
opening balance means the amount that is required to be credited to the special account in clause 9.
Security Deposits instrument means the Financial Management and Accountability Determination 2008/03 — ASIC Security Deposits Special Account Establishment 2008.
Security Deposits account means the ASIC Security Deposits Special Account, which was established by the Security Deposits instrument.
the special account means the ASIC Trust and Other Moneys Special Account 2018.
5 Establishment of the special account
For subsection 78(1)(a) of the Act, the ASIC Trust and Other Moneys Special Account 2018 is established as a special account (the special account).
6 Accountable authority responsible for the special account
For subsection 78(1)(d) of the Act, the accountable authority responsible for the special account is the Chairperson of ASIC.
Part 2—Special account credits and debits
7 Amounts credited to the special account
(1) For subsection 78(1)(b) of the Act, amounts up to and equal to the following may be credited to the special account:
(a) an amount received by ASIC in the performance of functions that relate to a purpose in clause 8; or
(b) an amount received by ASIC from any person for a purpose in clause 8.
Note: Subsection 58(5) of the Act requires the proceeds of an investment of an amount debited from a special account to be credited to that special account.
8 Purposes of the special account
(1) For subsection 78(1)(c) of the Act, the purposes of the special account, in relation to which amounts may be debited from the special account, are:
(a) to perform duties or exercise powers for and on behalf of the Commonwealth in relation to money and other property vested in or held on behalf of the Commonwealth as a trustee, including:
(i) by making payments in relation to deregistered companies and property vested in the Commonwealth under Part 5A.1 of the Corporations Act;
(ii) by making payments in relation to liabilities imposed on property vested in the Commonwealth under Part 5A.1 of the Corporations Act; or
(iii) by making payments in relation to expenses incurred by or on behalf as the Commonwealth as a trustee.
(b) to perform functions or exercise powers in relation to money or other property held on behalf of or for the benefit of a person other than the Commonwealth, including:
(i) in relation to money or other property held temporarily by ASIC as a consequence of investigations conducted by ASIC, legal proceedings to which ASIC is a party, deeds of settlement to which ASIC is a party, enforceable undertakings accepted by ASIC and court orders referring to ASIC;
(ii) by making payments to or for the benefit of a person for whose benefit the money was held by ASIC;
(iii) making payments of amounts required or contemplated to be paid by ASIC in the course of an investigation;
(iv) making payments to give effect to court orders, enforceable undertakings, settlements, transfers of assets, or other disbursements of monies held by ASIC on behalf of a person other than the Commonwealth; or
(v) making payments in relation to expenses incurred in relation to holding and realising third party assets, or locating and identifying any person for whose benefit an amount is held.
(c) to perform functions and to exercise powers in relation to security bonds and security deposits lodged by registered liquidators, licensed securities dealers, licensed investment advisers and financial services licensees, including security bonds and security deposits lodged under section 912B of the Corporations Act, and regulations 7.6.02AAA and 7.6.02AA of the Corporations Regulations, including by:
(i) discharging, returning or releasing a security bond or security deposit lodged with ASIC in whole or in part; or
(ii) making payments from security bonds or security deposits to compensate a person other than the Commonwealth who has suffered a pecuniary loss.
(d) to repay an amount where a court order, Act or other law requires or permits the repayment of an amount received under clause 7; or
(e) to reduce the balance of the special account (and, therefore, the available appropriation for the special account) without making a real or notional payment.
Part 3—Transitional and Repeal Provisions
9 Opening balance of the special account
(1) For subsection 78(1)(b) of the Act, the amount in subclause 9(2) (opening balance) is required to be credited to the special account on the commencement date in clause 2.
(2) The opening balance is equal to the sum of the amounts standing to the credit of the following special accounts immediately prior to the commencement date in clause 2:
(a) Deregistered Companies account;
(b) Investigations account; and
(c) Security Deposits account.
10 Repeal of instruments
For subsection 78(3) of the Act, the following instruments are repealed:
(a) Deregistered Companies instrument;
(b) Investigations instrument; and
(c) Security Deposits instrument.
11 Additional repeal provisions
(1) For subsection 78(3) of the Act, Part 3 of this instrument is repealed at the end of the seventh day after the repeal of special accounts in clause 10 (date of repeal).
(2) For subsection 78(3) of the Act, the following definitions in clause 4 are repealed on the date of repeal:
(a) definition of date of repeal;
(b) definition of Deregistered Companies instrument;
(c) definition of Deregistered Companies account;
(d) definition of Investigations instrument;
(e) definition of Investigations account;
(f) definition of opening balance;
(g) definition of Security Deposits instrument;
(h) definition of Security Deposits account.
(3) Despite subclause 11(1), the effects of Part 3 of this instrument remain in force after the date of repeal.