{"id":"F2022L01157","name":"PGPA Act Determination (Australian Securities and Investments Commission SOETM Special Account 2022)","slug":"pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441507,"registerId":"F2022L01157-fast-fetch-1775956787508","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"PGPA Act Determination (Australian Securities and Investments Commission SOETM Special Account 2022)","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms](image.001.jpeg)\n\n \n\nPGPA Act Determination (Australian Securities and Investments Commission SOETM Special Account 2022)\n\nI, KATY GALLAGHER, Minister for Finance, make the following determination.\n\nDated 26 August 2022\n\nKATY GALLAGHER\n\nMinister for Finance\n\n \n\n \n\n \n\n \n\n \n\nContents\n\nPart 1—Establishment\n\n1  Name......................................................................\n\n2  Commencement\n\n3  Authority\n\n4  Definitions\n\n5  Establishment of the special account\n\n6  Accountable authority responsible for the special account\n\nPart 2—Special account credits and debits\n\n7  Amounts that may be credited to the special account\n\n8  Purposes of the special account\n\nPart 3—Transitional, revocation and repeal provisions\n\n9  Opening balance of the special account\n\n10  Revocation of SOETM instrument\n\n11  Additional repeal provisions\n\nPart 1—Establishment\n\n \n\n1  Name\n\n  This instrument is the PGPA Act Determination (Australian Securities and Investments Commission SOETM Special Account 2022).\n\n2  Commencement\n\n (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.\n\n \n\n| Column 1 | Column 2 | Column 3 |\n| --- | --- | --- |\n| Provisions | Commencement | Date/Details |\n| The whole of this instrument | The later of the day mentioned in paragraph 79(5)(a) of the Act or 19 September 2022 |  |\n\n\n (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.\n\n3  Authority\n\n  This instrument is made under subsections 78(1) and 78(3) of the Act.\n\n4  Definitions\n\n  In this instrument:\n\nAct means the Public Governance, Performance and Accountability Act 2013.\n\nASIC means the Australian Securities and Investments Commission established by the Australian Securities and Investments Commission Act 2001.\n\nSOETM means Services for Other Entities and Trust Moneys.\n\nSOETM instrument means the Financial Management and Accountability (Establishment of SOETM Special Account – ASIC) Determination 2012/07.\n\nSOETM special account means the Services for Other Entities and Trust Moneys Special Account – Australian Securities and Investments Commission established by the SOETM instrument.\n\nthe special account means the Australian Securities and Investments Commission SOETM Special Account 2022 established by this instrument.\n\n5  Establishment of the special account\n\n  For paragraph 78(1)(a) of the Act, the Australian Securities and Investments Commission SOETM Special Account 2022 is established as a special account.\n\n6  Accountable authority responsible for the special account\n\n  For paragraph 78(1)(d) of the Act, the accountable authority responsible for the special account is the Chairperson of ASIC.\n\n \n\nPart 2—Special account credits and debits\n\n \n\n7  Amounts that may be credited to the special account\n\n  For paragraph 78(1)(b) of the Act, the following amounts may be credited to the special account:\n\n(a)    an amount held on trust, or otherwise on behalf of or for the benefit of a person other than the Commonwealth;\n\n (b) an amount received in the course of the performance of functions that relate to one or more purposes of the special account;\n\n (c) an amount received from any person for one or more purposes of the special account.\n\n8  Purposes of the special account\n\n  For paragraph 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:\n\n(a)    to disburse an amount held on trust or otherwise for the benefit of a person other than the Commonwealth;\n\n(b)    to disburse an amount in connection with services performed for, on behalf of or together with, a Commonwealth entity, Commonwealth company, government, organisation, body or person;\n\n(c)    to disburse an amount in connection with joint activities performed for, on behalf of, or together with, a Commonwealth entity, Commonwealth company, government, organisation, body or person;\n\n(d)    to disburse an amount in connection with an agreement between the Commonwealth and another government;\n\n(e)    to repay an amount where a court order, Act or other law requires or permits the repayment of an amount received; and \n\n(f)   to reduce the balance of the special account (and, therefore, the available appropriation for the special account) without making a real or notional payment.\n\n \n\nPart 3—Transitional, revocation and repeal provisions\n\n \n\n9  Opening balance of the special account\n\n(1)    For paragraph 78(1)(b) of the Act, the amount in subsection 9(2) (opening balance) is required to be credited to the special account immediately after its establishment.\n\n(2)    The opening balance is equal to the amount standing to the credit of the SOETM special account immediately prior to the commencement of this instrument.\n\n10  Revocation of SOETM instrument\n\n  For subsection 78(3) of the Act, the SOETM instrument is revoked.\n\n11  Additional repeal provisions\n\n(1)    For subsection 78(3) of the Act, Part 3 of this instrument is repealed at the end of the seventh day after the revocation of the SOETM instrument under section 10 (date of repeal).\n\n(2)    For subsection 78(3) of the Act, the following definitions in section 4 are repealed on the date of repeal:\n\n(a)    definition of SOETM instrument;\n\n(b)    definition of SOETM special account.\n\n(3)    Despite subsection 11(1), the effects of Part 3 of this instrument remain in force after the date of repeal.\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a straightforward re-establishment of an existing administrative mechanism. The 2022 determination replaces the 2012 instrument with identical functional scope—managing trust money and service fees for ASIC. The only 'growth' is transitional machinery to transfer the opening balance and sunset the old instrument, which is standard housekeeping rather than scope expansion."},"complexity_factors":["Short instrument: 11 sections across 3 parts, approximately 2 pages","Minimal defined terms: only 6 definitions in section 4, most being straightforward abbreviations (ASIC, SOETM)","Simple conditional logic: only one transitional timing provision (section 11 with delayed repeal)","Clear purpose structure: credits and debits mirror each other logically in sections 7 and 8","Single cross-reference: relies primarily on the Public Governance, Performance and Accountability Act 2013 for authority, with minimal external referencing","No nested exceptions: spending purposes are listed disjunctively without sub-conditions or carve-outs"],"plain_english_summary":"This legislation creates a special government account for ASIC to hold and manage money that isn’t Commonwealth revenue—funds received on trust, court-ordered or client monies, and fees for services—replacing a 2012 account and transferring its balance.\n\nIt restricts how those funds may be spent, assigns legal responsibility to the ASIC chair, affects ASIC, affected businesses/investors and collaborating government bodies, and restores ASIC’s legal authority to hold and disburse others’ money while tidying transitional rules."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Based on this instrument's text, the instrument replaces the earlier SOETM special account instrument while carrying forward its funds and setting equivalent classes of credits and debits. The opening balance is the amount standing to the credit of the previous SOETM special account immediately before commencement (section 9(2)), and the prior instrument is revoked (section 10). No new categories of receipts or disbursements are introduced in this text that would broaden or narrow scope beyond continuation of the prior special account; transitional repeal timing and definition removals are administrative (sections 10–11)."},"complexity_factors":["Statutory basis and cross‑references to the PGPA Act (paragraphs 78(1)(a), 78(1)(b), 78(1)(c) and subsection 78(3)) introduce formal legal framing (see instruments' preamble and sections 2–3).","Transitional mechanics preserving continuity: opening balance equals amount standing to credit of the prior SOETM special account immediately before commencement (section 9(2)).","Revocation and staged repeal: revokes the prior SOETM instrument (section 10) and repeals Part 3 after seven days while preserving its effects (section 11), adding a timing/administration step.","Defined scope of credits and debits is concise but varied — trust funds, service receipts and intergovernmental disbursements — which requires appropriate accounting and legal classification (sections 7–8).","Appointment of a single accountable authority (ASIC Chairperson) centralises decision and reporting responsibilities (section 6), creating a clear but concentrated point of administrative discretion.","An explicit power to reduce the account balance 'without making a real or notional payment' (section 8(f)) may require internal accounting treatment and affects appropriation availability."],"plain_english_summary":"Creates the Australian Securities and Investments Commission SOETM Special Account 2022, appoints the ASIC Chairperson as the accountable authority, and revokes the earlier 2012 SOETM instrument while transferring its balance. It sets out what receipts may be credited (mainly trust or third‑party funds and service receipts) and the allowed disbursements (trust payments, service or joint‑activity payments, repayments required by law, or reducing the account balance). Who pays: non‑Commonwealth parties or service recipients. Who decides: the ASIC Chairperson."}},"importantCases":[],"_links":{"self":"/api/acts/pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022","history":"/api/acts/pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022/history","analysis":"/api/acts/pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022/analysis","conflicts":"/api/acts/pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022/conflicts","importantCases":"/api/acts/pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022/important-cases","documents":"/api/acts/pgpa-act-determination-australian-securities-and-investments-commission-soetm-special-account-2022/documents"}}