100GRegulations may prescribe Water Markets Intermediaries Code

100G  Regulations may prescribe Water Markets Intermediaries Code

Water Markets Intermediaries Code

 (1) The regulations may prescribe a code, to be known as the Water Markets Intermediaries Code, for the purposes of regulating the conduct of eligible water markets intermediaries towards participants and potential participants in the water market.

 (2) Without limiting the matters for which the Water Markets Intermediaries Code may make provision, the code may make provision for requirements in relation to the following:

 (a) imposing an obligation upon eligible water markets intermediaries to act in the best interests of clients, and in accordance with clients’ instructions;

 (b) provision of information to clients, including in relation to the interests of eligible water markets intermediaries;

 (c) provide for the keeping and retention of records for the purposes of the Code or for the purposes of Division 5 relating to trust accounting including, but not limited to the following:

 (i) the kind of records that must be kept;

 (ii) specific details that must be recorded including, but not limited to, client details, disclosures to clients, and written authorities and instructions given by clients;

 (iii) records relating to complaints and resolution of complaints;

 (iv) records relating to trades;

 (v) financial and accounting records;

 (vi) the period for which records must be retained, including any period after an entity ceases to be an eligible water markets intermediary;

 (d) holding clients’ eligible tradeable water rights;

 (e) holding professional indemnity insurance;

 (f) keeping client records.

Conferral of functions and powers

 (3) The Water Markets Intermediaries Code may confer on a person or body functions and powers in relation to the code, including functions and powers in relation to the following matters:

 (a) monitoring compliance with the code;

 (b) dealing with disputes or complaints arising under, or in relation to, the code;

 (c) conducting investigations under, or in relation to, the code;

 (d) providing exemptions from the code or specified provisions of the code;

 (e) reviewing, or reporting on, the operation of the code or activities under, or in relation to, the code;

 (f) any other matter relating to the operation, application or administration of the code.

 (4) For the purposes of subsection (3), the persons or bodies on whom the Water Markets Intermediaries Code may confer functions and powers are: