257Disclosure—money not received as trust money

257 Disclosure—money not received as trust money (1) If money entrusted to a law practice by a person is not trust money because it is money to which section 212 (Money involved in financial services or investments) applies or because of a determination under section 213 (Determinations about status of money), the law practice must give the person notice in accordance with subsection (2) that— (a) the money is not trust money for this Act and is not subject to any supervision, investigation or audit requirements of this Act; and

(b) a claim against the fidelity fund under this Act cannot be made in relation to the money. (2) Notice under subsection (1) must be given— (a) when the money is entrusted to the law practice; or (b) if a determination under section 213 that the money is not trust money is made after the money is entrusted to the law practice— not later than 7 days after the day the determination is made. (3) A regulation may make provision in relation to the way notice must be given and the contents of the notice.