5Exemption from the requirements of the Water Markets Intermediaries Code

5 Exemption from the requirements of the Water Markets Intermediaries Code

Application

This section applies in relation to an eligible water markets intermediary:

if the intermediary:

is enrolled as a legal practitioner of a federal court or the Supreme Court of a State or Territory; or
is licensed or registered under a law of a State or Territory as a conveyancer; and

during any period when the intermediary

provides water markets intermediary services; and
in doing so, provides legal or conveyancing services under a law of a State or Territory covered by subsection (2).

This subsection covers the following:

(a) the Conveyancers Licensing Act 2003 (NSW);
(b) the Conveyancers Licensing Regulation 2021 (NSW);
(c) the Legal Profession Uniform General Rules 2015 (NSW);
(d) the Legal Profession Uniform Law (NSW);
(e) the Legal Profession Uniform Law Application Act 2014 (NSW);
(f) the Legal Profession Uniform Law Application Regulation 2015 (NSW);
(g) the Conveyancers Act 2006 (Vic.);
(h) the Conveyancers (Professional Conduct) Regulations 2018 (Vic.);
(i) the Legal Profession Uniform Law Application Act 2014 (Vic.);
(j) the Legal Profession Uniform Law Application Regulations 2015 (Vic.);
(k) the Legal Profession Act 2007 (Qld);
(l) the Legal Profession Regulation 2017 (Qld);
(m) the Conveyancers Act 1994 (SA);
(n) the Land and Business (Sale and Conveyancing) Act 1994 (SA);
(o) the Land and Business (Sale and Conveyancing) Regulations 2010 (SA);
(p) the Legal Practitioners Act 1981 (SA);
(q) the Legal Practitioners Regulations 2014 (SA);
(r) the Legal Profession Act 2006 (ACT);
(s) the Legal Profession Regulation 2007 (ACT).

Exemption

The intermediary is, during the period mentioned in paragraph (1)(b), exempted from Subdivisions B and C of Division 1 of Part 5 of the regulations, other than any provision in those Subdivisions made for the purposes of Division 5 of Part 5 of the Act (which establishes a statutory trust accounting framework for eligible water markets intermediaries).

Note: Section 100Q of the Act provides that Division 5 of Part 5 of the Act, or any provision in that Division specified by the regulations, is disapplied in relation to an eligible water markets intermediary during a period when the intermediary maintains a trust account in accordance with a prescribed law of a State or Territory. See Division 2 of Part 5 of the regulations.