Legal Profession Regulations 2005

Legislation · Victoria · 2020

i Legal Profession Regulations 2005 S.R. No. 152/2005 TABLE OF PROVISIONS Regulation Page PART 1.1—PRELIMINARY 1 1.1.1 Objective 1 1.1.2 Authorising provision 1 1.1.3 Commencement 2 PART 1.2—INTERPRETATION 3 1.2.1 Definitions 3 1.2.2 Corresponding laws 4 1.2.3 Definition of "associate"—Australian-registered foreign lawyer 4 1.2.4 Default determination of associate's home jurisdiction 4 1.2.5 References to forms 5 PART 2.4—LEGAL PRACTICE BY AUSTRALIAN LEGAL PRACTITIONERS 6 2.4.1 Application for grant or renewal of local practising certificate 6 2.4.2 Completion of periods of supervised legal practice 6 PART 2.7—INCORPORATED LEGAL PRACTICES AND MULTI- DISCIPLINARY PARTNERSHIPS 8 2.7.1 Notice of termination of provision of legal services 8 2.7.2 Disqualifications and prohibitions 8 PART 2.8—LEGAL PRACTICE BY FOREIGN LAWYERS 10 2.8.1 Scope of practice of foreign law 10 2.8.2 Trust money and trust accounts 11 2.8.3 Grounds for amending, suspending or cancelling registration 11 PART 3.3—TRUST MONEY AND TRUST ACCOUNTS 12 Division 1—Preliminary 12 3.3.1 Operation of this Part 12 3.3.2 Definitions 13 -- 1 of 78 -- Regulation Page ii Division 2—Computerised Accounting Systems 13 3.3.3 Application of Division 13 3.3.4 Copies of trust records to be printed 13 3.3.5 Chronological record of information to be made 14 3.3.6 Requirements regarding computer accounting systems 15 3.3.7 Back-ups 16 Division 3—General Trust Accounts 16 3.3.8 Establishment of general trust account 16 3.3.9 Receipting of trust money 18 3.3.10 Deposit records for trust money 19 3.3.11 Direction for non-deposit of trust money in general trust account 20 3.3.12 Payment by cheque 21 3.3.13 Payment by electronic funds transfer 24 3.3.14 Recording transactions in trust account cash books 26 3.3.15 Trust account receipts cash book 26 3.3.16 Trust account payments cash book 27 3.3.17 Recording transactions in trust ledger accounts 29 3.3.18 Journal transfers 31 3.3.19 Reconciliation of trust records 33 3.3.20 Trust ledger account in name of law practice or legal practitioner associate 34 3.3.21 Trust ledger account in name of approved clerk 35 Division 4—Controlled Money 35 3.3.22 Maintenance of controlled money accounts 35 3.3.23 Receipt of controlled money 36 3.3.24 Deposit of controlled money 38 3.3.25 Withdrawal of controlled money must be authorised 38 3.3.26 Register of controlled money 40 Division 5—Transit Money 42 3.3.27 Information to be recorded about transit money 42 Division 6—Trust Money Generally 42 3.3.28 Trust account statements—law practices 42 3.3.29 Trust account statements for institutional clients 44 3.3.30 Register of investments 45 3.3.31 Trust money subject to specific powers 46 3.3.32 Register of powers and estates in relation to trust money 47 3.3.33 Intermixing money 48 3.3.34 Withdrawing trust money for legal costs—law practices 48 3.3.35 Withdrawing trust money for legal costs—approved clerks 50 3.3.36 Keeping of trust records 52 3.3.37 Retaining other records and information 53 3.3.38 Statements regarding receipt or holding of trust money 53 -- 2 of 78 -- Regulation Page iii Division 7—External Examinations 54 3.3.39 Application of Division 54 3.3.40 Appointment of external examiner 55 3.3.41 Notification of appointment 56 3.3.42 Termination of appointment—show cause notice 57 3.3.43 Disqualification of appointed examiner 57 3.3.44 Termination generally 58 3.3.45 Appointment of new examiner 59 3.3.46 Statement of trust money 59 3.3.47 Duties of examiner 60 3.3.48 Examiner's annual report and certificate 62 3.3.49 Statutory declaration if trust money not held 63 3.3.50 Statutory declaration on ceasing to hold trust money 63 3.3.51 Modification of external examination requirements for community legal centres 63 Division 8—Miscellaneous 64 3.3.52 Exemptions 64 PART 3.4—COSTS DISCLOSURE AND REVIEW 65 3.4.1 When does a matter have a substantial connection with this jurisdiction? 65 3.4.2 Exceptions to requirement for disclosure 66 PART 3.6—FIDELITY COVER 67 3.6.1 Protocols 67 PART 6.2—LEGAL SERVICES BOARD 68 6.2.1 Prescribed particulars for the register 68 PART 6.7—FUNDING 69 6.7.1 Maximum Fidelity Fund contribution per member 69 6.7.2 Maximum Fidelity Fund levy per member 69 __________________ SCHEDULES 70 SCHEDULE 1 70 Form A1—Statutory Declaration if Trust Money Not Held— Law Practice 70 Form A2—Statutory Declaration if Trust Money Not Held— Approved Clerk 72 -- 3 of 78 -- Regulation Page iv Form B1—Statutory Declaration on ceasing to hold trust money— law practice 73 Form B2—Statutory Declaration on ceasing to hold trust money— Approved Clerk 74 ═══════════════ -- 4 of 78 -- 1 STATUTORY RULES 2005 S.R. No. 152/2005 Legal Profession Act 2004 Legal Profession Regulations 2005 The Lieutenant-Governor as the Governor's Deputy with the advice of the Executive Council makes the following Regulations: Dated: 29 November 2005 Responsible Minister: ROB HULLS Attorney-General RUTH LEACH Clerk of the Executive Council PART 1.1—PRELIMINARY 1.1.1 Objective The objective of these Regulations is to prescribe matters required or permitted to be prescribed or necessary to be prescribed to give effect to the Legal Profession Act 2004. 1.1.2 Authorising provision These Regulations are made under section 7.2.17 of the Legal Profession Act 2004. Note: The Part numbering of these Regulations follows the Part numbering of the Legal Profession Act 2004, so that regulations in each Part of these Regulations relate to the corresponding Part in the Act. As not every Part of the Act has corresponding regulations, the Part numbering of these Regulations is not sequential. -- 5 of 78 -- Part 1.1—Preliminary Legal Profession Regulations 2005 S.R. No. 152/2005 2 1.1.3 Commencement These Regulations come into operation on 12 December 2005. __________________ r. 1.1.3 -- 6 of 78 -- Part 1.2—Interpretation Legal Profession Regulations 2005 S.R. No. 152/2005 3 PART 1.2—INTERPRETATION 1.2.1 Definitions In these Regulations— "domestic partner" has the same meaning as in the Property Law Act 1958; "entity" means a person or body; "member of the immediate family" of a person means— (a) a spouse or domestic partner of the person; (b) a child or grandchild of the person; (c) a parent or grandparent of the person; (d) a brother or sister of the person; "register of controlled money" means the register required to be maintained by a law practice under regulation 3.3.26; "register of investments" means the register required to be maintained by a law practice under regulation 3.3.30; "register of powers and estates" means the register required to be maintained by a law practice under regulation 3.3.32; "spouse" has the same meaning as in the Property Law Act 1958; "the Act" means the Legal Profession Act 2004. r. 1.2.1 -- 7 of 78 -- Part 1.2—Interpretation Legal Profession Regulations 2005 S.R. No. 152/2005 4 1.2.2 Corresponding laws A law specified in column 2 of the following Table of a jurisdiction specified opposite that law in column 1 of the Table is declared to be a law of that jurisdiction that corresponds to this Act. TABLE Column 1 Jurisdiction Column 2 Corresponding law Australian Capital Territory Legal Practitioners Act 1970 New South Wales Legal Profession Act 2004 Northern Territory Legal Practitioners Act Queensland Legal Profession Act 2004 Queensland Law Society Act 1952 Trust Accounts Act 1973 South Australia Legal Practitioners Act 1981 Tasmania Legal Profession Act 1993 Western Australia Legal Practice Act 2003 1.2.3 Definition of "associate"—Australian-registered foreign lawyer The relationship of employee of the law practice is prescribed as a class of relationship for the purposes of section 1.2.4(1)(e) of the Act. 1.2.4 Default determination of associate's home jurisdiction (1) This regulation applies to an associate of a law practice who is neither an Australian legal practitioner nor an Australian-registered foreign lawyer, where— (a) section 1.2.5(4)(b) of the Act is applicable to the associate; and (b) the home jurisdiction for the associate can be determined under neither sub-paragraph (i) or (ii) of that section. r. 1.2.2 -- 8 of 78 -- Part 1.2—Interpretation Legal Profession Regulations 2005 S.R. No. 152/2005 5 (2) For the purposes of section 1.2.5(4)(b)(iii) of the Act, the home jurisdiction for the associate is to be determined in accordance with the following criteria— (a) the jurisdiction of the associate's place of residence in Australia; or (b) if the associate does not have a place of residence in Australia, the jurisdiction of the associate's last place of residence in Australia. 1.2.5 References to forms In these Regulations, a reference to a form designated by a letter and number (for example: "Form B2") is a reference to the form designated by that letter and number, in Schedule 1. __________________ r. 1.2.5 -- 9 of 78 -- Part 2.4—Legal Practice by Australian Legal Practitioners Legal Profession Regulations 2005 S.R. No. 152/2005 6 PART 2.4—LEGAL PRACTICE BY AUSTRALIAN LEGAL PRACTITIONERS 2.4.1 Application for grant or renewal of local practising certificate For the purposes of section 2.4.8(8) of the Act, the period of 6 months commencing with the start of the financial year concerned is prescribed as the period at the end of which the exemption provided by section 2.4.8(6)(a) of the Act ceases to operate. 2.4.2 Completion of periods of supervised legal practice (1) For the purposes of sections 2.4.18 and 2.4.35 of the Act, completion by a person of a period or periods of supervised legal practice equivalent to the required period of 18 months or 2 years is to be worked out by satisfying the requirements of this regulation. (2) The person satisfies the requirements of this regulation if the person completes— (a) one period of supervised legal practice, worked on a full-time basis, that is equal to the required period; or (b) one period of supervised legal practice, worked on a part-time basis, that is equivalent to the required period; or (c) 2 or more periods of supervised legal practice, worked on either or both of those bases, that together are equal or equivalent to the required period. r. 2.4.1 -- 10 of 78 -- Part 2.4—Legal Practice by Australian Legal Practitioners Legal Profession Regulations 2005 S.R. No. 152/2005 7 (3) For the purposes of this regulation— (a) public holidays during a relevant period are to be included as days of supervised legal practice, whether or not the person engaged in legal practice on those days; and (b) normal periods of leave taken during a relevant period by the person are to be included as periods of supervised legal practice. __________________ r. 2.4.2 -- 11 of 78 -- Part 2.7—Incorporated Legal Practices and Multi-disciplinary Partnerships Legal Profession Regulations 2005 S.R. No. 152/2005 8 PART 2.7—INCORPORATED LEGAL PRACTICES AND MULTI-DISCIPLINARY PARTNERSHIPS 2.7.1 Notice of termination of provision of legal services For the purposes of section 2.7.9 of the Act, the prescribed period within which a corporation must give a notice under that section is 14 days after it ceases to engage in legal practice in this jurisdiction. 2.7.2 Disqualifications and prohibitions (1) This regulation applies to— (a) an order made under section 2.7.24 of the Act disqualifying a corporation from providing legal services in this jurisdiction; or (b) an order made under section 2.7.25 of the Act disqualifying a person from managing a corporation that is an incorporated legal practice; or (c) an order made under section 2.7.50 of the Act prohibiting an Australian legal practitioner from being a partner of a specified person— being an order made on the application of the Board. (2) The Board may publicise an order in any manner the Board thinks fit. (3) The Board— (a) must, as soon as practicable after an order was made, give written notice of the order to the corresponding authority of every other jurisdiction; and (b) may give written notice of the order to any other regulatory authority of any jurisdiction. r. 2.7.1 -- 12 of 78 -- Part 2.7—Incorporated Legal Practices and Multi-disciplinary Partnerships Legal Profession Regulations 2005 S.R. No. 152/2005 9 (4) The notice under sub-regulation (3) for an order made under section 2.7.24 of the Act— (a) must state— (i) the corporation's name; and (ii) the Australian Company Number (ACN) of the corporation; and (iii) the office or business address of the corporation as last known to the Board; and (iv) the date of the order; and (b) may contain other relevant information; and (c) may be accompanied by a copy or summary of, or extract from, the order. (5) The notice under sub-regulation (3) for an order made under section 2.7.25 or 2.7.50 of the Act— (a) must state— (i) the person's name; and (ii) the person's address as last known to the Board; and (iii) the date of the order; and (b) may contain other relevant information; and (c) may be accompanied by a copy or summary of, or extract from, the order. __________________ r. 2.7.2 -- 13 of 78 -- Part 2.8—Legal Practice by Foreign Lawyers Legal Profession Regulations 2005 S.R. No. 152/2005 10 PART 2.8—LEGAL PRACTICE BY FOREIGN LAWYERS 2.8.1 Scope of practice of foreign law (1) For the purposes of section 2.8.6(1)(b) of the Act, arbitration proceedings in which— (a) the arbitrator is not required to apply the rules of evidence; and (b) knowledge of Australian law is not essential— are prescribed as a kind of arbitration proceedings in relation to which an Australian-registered foreign lawyer may provide legal services (including appearances). (2) For the purposes of section 2.8.6(1)(d) of the Act, all forms of dispute resolution are prescribed as kinds of dispute resolution in relation to which an Australian-registered foreign lawyer may provide legal services, except to the extent to which— (a) the provisions of other legislation applying to dispute resolution; or (b) the requirements of a body responsible for dispute resolution; or (c) the provisions of a contract that provides for dispute resolution— restrict participation in dispute resolution to persons of a specified class that does not include Australian-registered foreign lawyers. (3) In this regulation— "dispute resolution" means conciliation, mediation and other forms of consensual dispute resolution. r. 2.8.1 -- 14 of 78 -- Part 2.8—Legal Practice by Foreign Lawyers Legal Profession Regulations 2005 S.R. No. 152/2005 11 2.8.2 Trust money and trust accounts (1) For the purposes of section 2.8.13 of the Act— (a) the provisions of Part 3.3 of the Act; and (b) any other provisions of the Act (other than Part 3.6 of the Act) relating to trust money and trust accounts— apply to Australian-registered foreign lawyers as if a reference in those provisions to a law practice were a reference to an Australian-registered foreign lawyer. (2) The provisions of Part 3.3 of these Regulations accordingly apply to Australian-registered foreign lawyers as if a reference in those provisions to a law practice were a reference to an Australian- registered foreign lawyer. 2.8.3 Grounds for amending, suspending or cancelling registration (1) The period of 3 months after the person concerned was granted registration is prescribed as the period for the purposes of section 2.8.25(f) of the Act. (2) The period of 3 months after the person concerned ceased to have an office in this jurisdiction is prescribed as the period for the purposes of section 2.8.25(g) of the Act. __________________ r. 2.8.2 -- 15 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 12 PART 3.3—TRUST MONEY AND TRUST ACCOUNTS Division 1—Preliminary 3.3.1 Operation of this Part (1) This Part has effect for the purposes of Part 3.3 of the Act, and accordingly applies to a law practice in respect of— (a) trust money received by the practice in this jurisdiction, unless the practice has an office in one or more other jurisdictions but not in this jurisdiction; and (b) trust money received by the practice in another jurisdiction, if the practice has an office in this jurisdiction but in no other jurisdiction; and (c) trust money received by the practice in another jurisdiction, if the practice has an office in— (i) this jurisdiction; and (ii) one or more other jurisdictions but not in the jurisdiction in which the money was received— unless the money is dealt with in accordance with the corresponding law of a jurisdiction in which the practice has an office. (2) This Part applies to an approved clerk in respect of trust money received by the clerk in this jurisdiction. r. 3.3.1 -- 16 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 13 3.3.2 Definitions In this Part— "BSB number" (Bank State Branch number) means the number assigned to identify a particular branch of a particular ADI; "deposit record" includes a deposit slip; "matter description" means a brief phrase or expression assigned by a law practice or an approved clerk to describe a matter; "matter reference" means a number or other reference assigned by a law practice or an approved clerk to identify a matter; "trust money" means trust money in respect of which this Part for the time being applies, as mentioned in regulation 3.3.1. Division 2—Computerised Accounting Systems 3.3.3 Application of Division This Division applies where a law practice or an approved clerk maintains trust records (including records relating to controlled money) by means of a computerised accounting system. 3.3.4 Copies of trust records to be printed (1) The law practice or approved clerk must print a paper copy of trust records as follows— (a) trust account cash books are to be printed monthly as at the end of each month, unless a copy of the books as at the end of the month is retained in electronic form that is readable or reportable on demand; (b) reconciliation statements prepared under regulation 3.3.19 are to be printed as at the end of each month; r. 3.3.2 -- 17 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 14 (c) trust ledger trial balances are to be printed monthly as at the end of each month; (d) lists of controlled money accounts and their balances are to be printed monthly as at the end of each month; (e) trust ledger accounts, the register of controlled money and the trust account transfer journal are to be printed before they are archived or deleted from the system; (f) trust ledger account and controlled money account details are to be printed on request by and provided to an inspector appointed under section 3.3.29 of the Act. (2) The trust records printed monthly as at the end of a month under sub-regulation (1)(a) to (d) must be printed within 15 working days after the month. (3) The paper copies printed under sub-regulation (1) are to be retained by the law practice or approved clerk, except where they are printed on request under that sub-regulation. (4) The electronic copy of the trust account cash books under sub-regulation (1)(a) is to be retained by the law practice or approved clerk. 3.3.5 Chronological record of information to be made (1) The law practice or approved clerk must maintain a record, compiled in chronological sequence, of the creation, amendment or deletion of information in the practice's or clerk's computerised accounting system in relation to the following— (a) client name; (b) client address; r. 3.3.5 -- 18 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 15 (c) matter reference; (d) matter description; (e) ledger account number. (2) The record is to be retained by the law practice or approved clerk. 3.3.6 Requirements regarding computer accounting systems (1) The law practice or approved clerk must ensure that the practice's or clerk's computerised accounting system is not capable of accepting, in respect of a trust ledger account, the entry of a transaction resulting in a debit balance to the account, unless a contemporaneous record of the transaction is made in a manner that enables the production in a permanent form, on demand, of a separate chronological report of all occurrences of that kind. (2) The law practice or approved clerk must ensure that the system is not capable of deleting a trust ledger account unless— (a) the balance of the account is zero and all outstanding cheques have been presented; and (b) when the account is deleted, a copy of the account is retained in a permanent form. (3) The law practice or approved clerk must ensure that any entry in a record produced in a permanent form appears in chronological sequence. (4) The law practice or approved clerk must ensure that each page of each printed record is numbered sequentially or is printed in such a way that no page can be extracted. r. 3.3.6 -- 19 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 16 (5) The law practice or approved clerk must ensure that the system is not capable of amending the particulars of a transaction already recorded otherwise than by a transaction separately recorded that makes the amendment. (6) The law practice or approved clerk must ensure that the system requires input in every field of a data entry screen intended to receive information required by this Part to be included in trust records. 3.3.7 Back-ups The law practice or approved clerk must ensure that— (a) a back-up copy of all records required by this Part is made not less frequently than once each month; and (b) each back-up copy is retained by the law practice or approved clerk; and (c) a complete set of back-up copies is kept in a separate location so that any incident that may adversely affect the records would not also affect the back-up copy. Division 3—General Trust Accounts 3.3.8 Establishment of general trust account (1) A law practice or an approved clerk may at any time open a general trust account that satisfies the requirements of this regulation, but must, as soon as practicable after receiving trust money that is required to be paid into a general trust account, establish a general trust account that satisfies those requirements if the practice does not already have such a general trust account. r. 3.3.7 -- 20 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 17 (2) A general trust account satisfies the requirements of this regulation if— (a) the account is established in this jurisdiction, before or after the commencement of this regulation, with an approved ADI; and (b) the account is and is to be maintained in this jurisdiction; and (c) in the case of a law practice, the name of the account includes— (i) the name of the law practice or the business name under which the law practice engages in legal practice; and (ii) the expression "law practice trust account" or "law practice trust a/c"; and (d) in the case of an approved clerk, the name of the account includes— (i) the name of the approved clerk or the business name under which the approved clerk conducts business; and (ii) the expression "approved clerk trust account" or "approved clerk trust a/c"; and (e) the account is of a kind that is for the time being approved by the Board. (3) Sub-regulation (2)(c) or (d) does not apply to an account established in this jurisdiction before the commencement of this regulation. r. 3.3.8 -- 21 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 18 (4) Sub-regulation (2)(c)(ii) does not require the repetition of the words "law practice" if those words form part of the name or business name of the law practice. (5) Sub-regulation (2)(d)(ii) does not require the repetition of the words "approved clerk" if those words form part of the business name of the approved clerk. 3.3.9 Receipting of trust money (1) This regulation applies if a law practice or an approved clerk receives trust money that is required to be paid into a general trust account. (2) After receiving the trust money, the law practice or approved clerk must make out a receipt. (3) The receipt must be made out as soon as practicable— (a) after the trust money is received; or (b) in the case of trust money received by direct deposit—after the law practice or approved clerk receives or can access notice or confirmation (in written or electronic form) of the deposit from the ADI concerned. (4) The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the trust account receipts cash book. (5) For the purposes of sub-regulation (4), the "required particulars" are as follows— (a) the date the receipt is made out and, if different, the date of receipt of the money; (b) the amount of money received; (c) the form in which the money was received; r. 3.3.9 -- 22 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 19 (d) the name of the person from whom the money was received; (e) details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference; (f) particulars sufficient to identify the purpose for which the money was received; (g) the name of the law practice or approved clerk, or the business name under which the law practice engages in legal practice or the approved clerk conducts business, and the expression "trust account" or "trust a/c"; (h) the name of the person who made out the receipt; (i) the number of the receipt. (6) The original receipt is to be delivered, on request, to the person from whom the trust money was received. (7) Receipts must be consecutively numbered and issued in consecutive sequence. (8) If a receipt is cancelled or not delivered, the original receipt must be retained. 3.3.10 Deposit records for trust money (1) This regulation applies if a law practice or an approved clerk receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit. (2) A deposit record must be produced to the approved ADI at the time the deposit is made. r. 3.3.10 -- 23 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 20 (3) The following particulars must be recorded on the deposit record— (a) the date of the deposit; (b) the amount of the deposit; (c) whether the deposit consists of cheques, notes or coins (and the amount of each); (d) for each cheque— (i) the name of the drawer of the cheque; (ii) the name and branch (or BSB number) of the ADI on which the cheque is drawn; (iii) the amount of the cheque. (4) The deposit record must be made out in duplicate, whether by way of making a carbon copy or otherwise. (5) The duplicate deposit record must be retained for each deposit to the general trust account and must be retained in a deposit book or be otherwise securely filed in the order in which the deposits were made. 3.3.11 Direction for non-deposit of trust money in general trust account For the purposes of section 3.3.13(3) of the Act, the prescribed period for which a written direction referred to in section 3.3.13(1)(a) of the Act is to be kept is 7 years after finalisation of the matter to which the direction relates. r. 3.3.11 -- 24 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 21 3.3.12 Payment by cheque (1) This regulation applies to the withdrawal of trust money from a general trust account of a law practice or an approved clerk by cheque. (2) A cheque— (a) must be made payable to or to the order of a specified person or persons and not to bearer or cash; and (b) must be crossed "not negotiable"; and (c) in the case of a law practice, must include— (i) the name of the law practice or the business name under which the law practice engages in legal practice; and (ii) the expression "law practice trust account" or "law practice trust a/c"; and (d) in the case of an approved clerk, must include— (i) the name of the approved clerk or the business name under which the approved clerk conducts business; and (ii) the expression "approved clerk trust account" or "approved clerk trust a/c". (3) In the case of a law practice, a cheque must be signed— (a) by an authorised principal of the law practice; or (b) if a principal referred to in paragraph (a) is not available— (i) by an authorised legal practitioner associate; or r. 3.3.12 -- 25 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 22 (ii) by an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or (iii) by 2 or more authorised associates jointly. (4) In the case of an approved clerk, a cheque must be signed— (a) by the approved clerk; or (b) if the approved clerk is not available, by an authorised person. (5) A written record of the required particulars (which may be in the form of a cheque butt) must be kept of each payment made by cheque, whether by way of making a carbon copy or otherwise, unless at the time the cheque is issued those particulars are recorded by computer program in the trust account payments cash book. (6) If at the time the cheque is issued the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified. (7) For the purposes of sub-regulations (5) and (6), the "required particulars" are as follows— (a) the date and number of the cheque; (b) the amount ordered to be paid by the cheque; (c) the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name of the ADI and the name of the person receiving the benefit of the payment; r. 3.3.12 -- 26 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 23 (d) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference; (e) details clearly identifying the ledger account to be debited; (f) particulars sufficient to identify the purpose for which the payment was made. (8) Written records relating to payments by cheque (including cheque requisitions) must be stored in the order in which the cheques were issued. (9) Sub-regulation (2)(c) or (d) does not apply to an account established in this jurisdiction before the commencement of this regulation. (10) Sub-regulation (2)(c)(ii) does not require the repetition of the words "law practice" if those words form part of the name or business name of the law practice. (11) Sub-regulation (2)(d)(ii) does not require the repetition of the words "approved clerk" if those words form part of the business name of the approved clerk. (12) In this regulation— "associate" means an associate of the law practice; "authorised" means authorised by the law practice or approved clerk (as the case requires) to sign cheques drawn on the general trust account. r. 3.3.12 -- 27 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 24 3.3.13 Payment by electronic funds transfer (1) This regulation applies to the withdrawal of trust money from a general trust account of a law practice or an approved clerk by electronic funds transfer. (2) In the case of a law practice, an electronic funds transfer must be effected by, under the direction of or with the authority of— (a) an authorised principal of the law practice; or (b) if a principal referred to in paragraph (a) is not available— (i) an authorised legal practitioner associate; or (ii) an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or (iii) 2 or more authorised associates jointly. (3) In the case of an approved clerk, an electronic funds transfer must be effected by, under the direction of or with the authority of— (a) the approved clerk; or (b) if the approved clerk is not available, an authorised person. (4) A written record of the required particulars must be kept of each payment, unless at the time the electronic funds transfer is effected those particulars are recorded by computer program in the trust account payments cash book. r. 3.3.13 -- 28 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 25 (5) If at the time the electronic funds transfer is effected the required particulars are recorded by computer program in the trust account payments cash book, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified. (6) For the purposes of sub-regulations (4) and (5), the "required particulars" are as follows— (a) the date and number of the transaction; (b) the amount transferred; (c) the name and number of the account to which the amount was transferred and relevant BSB number; (d) the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment; (e) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference; (f) details clearly identifying the ledger account to be debited; (g) particulars sufficient to identify the purpose for which the payment was made. (7) Written records relating to payments by electronic funds transfer (including transfer requisitions) must be stored in the order in which the transfers were effected. r. 3.3.13 -- 29 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 26 (8) In this regulation— "associate" means an associate of the law practice; "authorised" means authorised by the law practice or approved clerk (as the case requires) to effect, direct or give authority for an electronic funds transfer from the general trust account. 3.3.14 Recording transactions in trust account cash books A law practice that or an approved clerk who maintains a general trust account must keep the following trust account cash books— (a) a trust account receipts cash book in accordance with regulation 3.3.15; and (b) a trust account payments cash book in accordance with regulation 3.3.16. 3.3.15 Trust account receipts cash book (1) The following particulars must be recorded in a law practice's or an approved clerk's trust account receipts cash book in respect of each receipt of trust money— (a) the date a receipt was made out for the money and, if different, the date of receipt of the money; (b) the receipt number; (c) the amount of money received; (d) the form in which the money was received; (e) the name of the person from whom the money was received; r. 3.3.14 -- 30 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 27 (f) details clearly identifying the name of the client in respect of whom the money was received and the matter description and matter reference; (g) particulars sufficient to identify the purpose for which the money was received; (h) details clearly identifying the ledger account to be credited. (2) The date and amount of each deposit in the general trust account must be recorded in the trust account receipts cash book. (3) The particulars in respect of receipts must be recorded in the order in which the receipts are made out. (4) The particulars in respect of a receipt must be recorded within 5 working days counting from and including the day the receipt was made out. 3.3.16 Trust account payments cash book (1) The following particulars must be recorded in a law practice's or an approved clerk's trust account payments cash book in respect of each payment of trust money by cheque— (a) the date and number of the cheque; (b) the amount ordered to be paid by the cheque; (c) the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment; (d) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference; r. 3.3.16 -- 31 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 28 (e) details clearly identifying the ledger account to be debited; (f) particulars sufficient to identify the purpose for which the payment was made. (2) The following particulars must be recorded in a law practice's or an approved clerk's trust accounts payments cash book in respect of each payment of trust money by electronic funds transfer— (a) the date and number of the transaction; (b) the amount transferred; (c) the name and number of the account to which the amount was transferred and the relevant BSB number; (d) the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment; (e) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference; (f) details clearly identifying the ledger account to be debited; (g) particulars sufficient to identify the purpose for which the payment was made. (3) The particulars in respect of payments must be recorded in the order in which the payments are made. (4) The particulars in respect of a payment must be recorded within 5 working days counting from and including the day the payment was made. r. 3.3.16 -- 32 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 29 3.3.17 Recording transactions in trust ledger accounts (1) A law practice that or an approved clerk who maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to— (a) in the case of a law practice—each client of the practice in each matter for which trust money has been received by the practice; (b) in the case of an approved clerk—each client of the barrister in each matter for which trust money has been received by the clerk on account of the legal costs of the barrister in advance of the provision of the legal services to which those costs relate. (2) The following particulars must be recorded in the title of a trust ledger account— (a) the name of the person for or on behalf of whom the trust money was paid; (b) the person's address; (c) particulars sufficient to identify the matter in relation to which the trust money was received. (3) Details of any changes in the title of a trust ledger account must be recorded. (4) The following particulars must be recorded in the trust ledger account in respect of each receipt of trust money for the matter— (a) the date a receipt was made out for the money and, if different, the date of receipt of the money; (b) the receipt number; r. 3.3.17 -- 33 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 30 (c) the amount of money received; (d) the name of the person from whom the money was received; (e) particulars sufficient to identify the purpose for which the money was received. (5) The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by cheque— (a) the date and number of the cheque; (b) the amount ordered to be paid by the cheque; (c) the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment; (d) particulars sufficient to identify the purpose for which the payment was made. (6) The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by electronic funds transfer— (a) the date and number of the transaction; (b) the amount transferred; (c) the name and number of the account to which the amount was transferred and the relevant BSB number; (d) the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment; (e) particulars sufficient to identify the purpose for which the payment was made. r. 3.3.17 -- 34 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 31 (7) The following particulars must be recorded in the trust ledger account in respect of each transfer of trust money effected by a journal entry— (a) the date of the transfer; (b) the amount transferred; (c) the journal reference number; (d) the name of the other trust ledger account from which or to which the money was transferred; (e) particulars sufficient to identify the purpose for which the payment was made. (8) Transactions relating to trust money must be recorded in the trust ledger account in the order in which the transactions occur. (9) The particulars in respect of a receipt, payment or transfer of trust money must be recorded within 5 working days counting from and including the day the receipt was made out, the payment was made or the transfer was effected, as the case requires. (10) The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money. 3.3.18 Journal transfers (1) Trust money may be transferred by journal entry from one trust ledger account in a law practice's or an approved clerk's trust ledger to another trust ledger account in the trust ledger, but only if— (a) the law practice or approved clerk is entitled to withdraw the money and pay it to the other trust ledger account; and r. 3.3.18 -- 35 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 32 (b) the transfer has been authorised in writing— (i) by a person who is authorised to sign cheques drawn on the general trust account without a cosignatory; or (ii) by 2 or more persons who are authorised to sign cheques drawn on the general trust account jointly. (2) A law practice or an approved clerk must keep a trust account transfer journal if the practice or clerk transfers trust money by journal entry. (3) The following particulars must be recorded in the trust account transfer journal in respect of each transfer of trust money by journal entry— (a) the date of the transfer; (b) the trust ledger account from which the money is transferred (including its identifying reference); (c) the trust ledger account to which the money is transferred (including its identifying reference); (d) the amount transferred; (e) particulars sufficient to identify the purpose for which the transfer is made, the matter reference and a short description of the matter. (4) Journal pages or entries must be consecutively numbered. (5) A law practice or an approved clerk must keep particulars of the authorisation for each transfer of trust money by journal entry, whether in the trust account transfer journal or in some other way. r. 3.3.18 -- 36 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 33 3.3.19 Reconciliation of trust records (1) A law practice that or an approved clerk who maintains one or more general trust accounts must reconcile the trust records relating to the only or each account. (2) The trust records relating to a general trust account are to be reconciled as at the end of each month by preparing— (a) a statement— (i) reconciling the general trust account balance as shown in ADI records with the balance of the practice's trust account cash books; and (ii) showing the date the statement was prepared; and (b) a statement— (i) reconciling the balance of the trust ledger accounts with the balance of the practice's or clerk's trust account cash books; and (ii) containing a list of the practice's or clerk's trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and (iii) showing the date the statement was prepared. (3) The statements must be prepared within 15 working days after the end of the month concerned. (4) The statements must be retained by the law practice or approved clerk. r. 3.3.19 -- 37 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 34 3.3.20 Trust ledger account in name of law practice or legal practitioner associate (1) A law practice must not maintain a trust ledger account in the name of the practice or a legal practitioner associate of the practice except as authorised by this regulation. (2) A law practice may maintain in its trust ledger— (a) a trust ledger account in the practice's name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and (b) a trust ledger account in a legal practitioner associate's name, but only in respect of money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity. (3) In a case to which sub-regulation (2)(a) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than one month after the day on which the money was transferred to the trust ledger account. (4) In a case to which sub-regulation (2)(b) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates. r. 3.3.20 -- 38 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 35 3.3.21 Trust ledger account in name of approved clerk (1) An approved clerk must not maintain a trust ledger account in the name of the clerk except as authorised by this regulation. (2) An approved clerk may maintain in its trust ledger a trust ledger account in the clerk's name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to a barrister on whose behalf the clerk has received money on account of legal costs. (3) In a case to which sub-regulation (2) applies, the approved clerk must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than one month after the day on which the money was transferred to the trust ledger account. Division 4—Controlled Money 3.3.22 Maintenance of controlled money accounts (1) For the purposes of section 3.3.15(4) of the Act, a controlled money account must be maintained under an account name that includes the following particulars— (a) the name of the law practice concerned; (b) the expression "controlled money account"; (c) such particulars as are sufficient to identify the purpose of the account and to distinguish the account from any other account maintained by the law practice. (2) This regulation does not apply to an account established in this jurisdiction before the commencement of this regulation. r. 3.3.21 -- 39 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 36 3.3.23 Receipt of controlled money (1) This regulation applies if a law practice receives controlled money. (2) The law practice must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts. (3) After receiving controlled money, the law practice must make out a receipt. (4) The receipt must be made out as soon as practicable— (a) after the controlled money is received; or (b) in the case of controlled money received by direct deposit—after the law practice receives or can access notice or confirmation (in written or electronic form) of the deposit from the ADI concerned. (5) The receipt, containing the required particulars, must be made out in duplicate, whether by way of making a carbon copy or otherwise, unless at the time the receipt is made out those particulars are recorded by computer program in the register of controlled money. (6) For the purposes of sub-regulation (5), the "required particulars" are as follows— (a) the date the receipt is made out and, if different, the date of receipt of the money; (b) the amount of money received; (c) the form in which the money was received; (d) the name of the person from whom the money was received; r. 3.3.23 -- 40 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 37 (e) details clearly identifying the name of the person on whose behalf the money was received and the matter description and matter reference; (f) particulars sufficient to identify the purpose for which the money was received; (g) the name of and other details clearly identifying the controlled money account to be credited, unless the account has not been established by the time the receipt is made out; (h) the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt"; (i) the name of the person who made out the receipt; (j) the number of the receipt. (7) If the controlled money account to be credited has not been established by the time the receipt is made out, the name of and other details clearly identifying the account when established must be included on the duplicate receipt (if any). (8) The original receipt is to be delivered, on request, to the person from whom the controlled money was received. (9) Receipts must be consecutively numbered and issued in consecutive sequence. (10) If a receipt is cancelled or not delivered, the original receipt must be retained. (11) A receipt is not required to be made out for any interest or other income received from the investment of controlled money and credited directly to a controlled money account. r. 3.3.23 -- 41 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 38 3.3.24 Deposit of controlled money For the purposes of section 3.3.15(5) of the Act, the prescribed period for which a written direction referred to in section 3.3.15(1) of the Act is to be kept is 7 years after finalisation of the matter to which the direction relates. 3.3.25 Withdrawal of controlled money must be authorised (1) A withdrawal of money from a controlled money account of a law practice must be effected by, under the direction of or with the authority of— (a) an authorised principal of the law practice; or (b) if a principal referred to in paragraph (a) is not available— (i) an authorised legal practitioner associate; or (ii) an authorised Australian legal practitioner who holds an unrestricted practising certificate authorising the receipt of trust money; or (iii) 2 or more authorised associates jointly. (2) A written record of the required particulars must be kept of each withdrawal, unless at the time the withdrawal is made those particulars are recorded by computer program. (3) If at the time the withdrawal is made the required particulars are recorded by computer program, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computer program to be verified. r. 3.3.24 -- 42 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 39 (4) For the purposes of sub-regulations (2) and (3), the "required particulars" are as follows— (a) the date and number of the transaction; (b) the amount withdrawn; (c) in the case of a transfer made by electronic funds transfer—the name and number of the account to which the amount was transferred and the relevant BSB number; (d) the name of the person to whom payment is to be made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment; (e) details clearly identifying the name of the person on whose behalf the payment was made and the matter reference; (f) particulars sufficient to identify the purpose for which the payment was made; (g) the person or persons effecting, directing or authorising the withdrawal. (5) The particulars are to be recorded in the order in which the payments are recorded and are to be recorded separately for each controlled money account. (6) In this regulation— "associate" means an associate of the law practice; "authorised" means authorised by the law practice to effect, direct or give authority for a withdrawal of money from the controlled money account. r. 3.3.25 -- 43 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 40 3.3.26 Register of controlled money (1) A law practice that receives controlled money must maintain a register of controlled money consisting of the records of controlled money movements for the controlled money accounts of the practice. (2) A separate record of controlled money movements must be maintained for each controlled money account. (3) A record of controlled money movements for a controlled money account must record the following information— (a) the name of the person on whose behalf the controlled money is held; (b) the person's address; (c) particulars sufficient to identify the matter; (d) any changes to the information referred to in paragraphs (a) to (c). (4) The following particulars must be recorded in a record of controlled money movements for a controlled money account— (a) the date the controlled money was received; (b) the number of the receipt; (c) the date the money was deposited in the controlled money account; (d) the name of and other details clearly identifying the controlled money account; (e) the amount of controlled money deposited; (f) details of the deposit sufficient to identify the deposit; r. 3.3.26 -- 44 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 41 (g) interest received; (h) details of any payments from the controlled money account, including the particulars required to be recorded under regulation 3.3.25(2). (5) With the exception of interest and other income received in respect of controlled money, particulars of receipts and payments must be entered in the register as soon as practicable after the controlled money is received by the law practice or any payment is made. (6) Interest and other income received in respect of controlled money must be entered in the register as soon as practicable after the law practice is notified of its receipt. (7) The law practice must retain as part of its trust records all supporting information (including ADI statements and notifications of interest received) relating to controlled money. (8) Within 15 working days after each month, the law practice must prepare and keep as a permanent record a statement as at the end of the month— (a) containing a list of the practice's controlled money accounts showing— (i) the name, number and balance of each account in the register; and (ii) the name of the person on whose behalf the controlled money in each account was held; and (iii) a short description of the matter to which each account relates; and (b) showing the date the statement was prepared. r. 3.3.26 -- 45 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 42 Division 5—Transit Money 3.3.27 Information to be recorded about transit money (1) This regulation has effect for the purposes of section 3.3.16 of the Act. (2) A law practice must, in respect of transit money received by the practice, record and retain brief particulars sufficient to identify the relevant transaction and any purpose for which the money was received. Division 6—Trust Money Generally 3.3.28 Trust account statements—law practices (1) A law practice must furnish a trust account statement to each person for whom or on whose behalf trust money (other than transit money) is held or controlled by the law practice or an associate of the practice. (2) In the case of trust money in respect of which the law practice is required to maintain a trust ledger account, the practice must furnish a separate statement for each trust ledger account. (3) In the case of controlled money in respect of which the law practice is required to maintain a record of controlled money movements, the practice must furnish a separate statement for each record. r. 3.3.27 -- 46 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 43 (4) In the case of trust money subject to a power given to the law practice or an associate of the practice in respect of which the practice is required to keep a record of all dealings with the money to which the practice or associate is a party, the practice must furnish a separate statement for each record. (5) A trust account statement is to contain particulars of— (a) all the information required to be kept under this Part in relation to the trust money included in the relevant ledger account or record; and (b) the remaining balance (if any) of the money. (6) A trust account statement is to be furnished— (a) as soon as practicable after completion of the matter to which the ledger account or record relates; or (b) as soon as practicable after the person for whom or on whose behalf the money is held or controlled makes a reasonable request for the statement during the course of the matter; or (c) except as provided by sub-regulation (7), as soon as practicable after 30 June in each year. r. 3.3.28 -- 47 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 44 (7) The law practice is not required to furnish a trust account statement under sub-regulation (6)(c) in respect of a ledger account or record if at 30 June— (a) the ledger account or record has been open for less than 6 months; or (b) the balance of the ledger account or record is zero and no transaction affecting the account has taken place within the previous 12 months; or (c) a trust account statement has been furnished within the previous 12 months and there has been no subsequent transaction affecting the ledger account or record. (8) The law practice must retain a copy of a trust account statement furnished under this regulation. 3.3.29 Trust account statements for institutional clients (1) In this regulation— "institutional client" of a law practice means a client of a law practice, if the client is— (a) a public company, a subsidiary of a public company, a foreign company, a subsidiary of a foreign company or a registered Australian body (within the meaning of the Corporations Act); or (b) a financial services licensee (within the meaning of the Corporations Act). (2) Regulation 3.3.28 does not apply to an institutional client to the extent to which the client directs the law practice not to provide trust account statements under that regulation. r. 3.3.29 -- 48 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 45 (3) If the institutional client directs the law practice to provide trust account statements on a basis different from that prescribed by regulation 3.3.28, the law practice must supply those statements as directed, except to the extent to which the direction is unreasonably onerous. (4) The law practice must retain a copy of a trust account statement furnished under this regulation. 3.3.30 Register of investments (1) This regulation applies if trust money referred to in section 3.3.3(3) of the Act is invested by a law practice for or on behalf of a client, but this regulation does not itself confer power to make investments. (2) The law practice must maintain a register of investments of trust money. (3) The register must record the following information in relation to each investment— (a) the name in which the investment is held; (b) the name of the person on whose behalf the investment is made; (c) the person's address; (d) particulars sufficient to identify the investment; (e) the amount invested; (f) the date the investment was made; r. 3.3.30 -- 49 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 46 (g) particulars sufficient to identify the source of the investment, including, for example— (i) a reference to the relevant trust ledger; and (ii) a reference to the written authority to make the investment; and (iii) the number of the cheque for the amount to be invested; (h) details of any documents evidencing the investment; (i) details of any interest received from the investment or credited directly to the investment; (j) details of the repayment of the investment and any interest, on maturity or otherwise. (4) This regulation does not require particulars to be recorded in the register if the particulars are required to be recorded elsewhere by another regulation. 3.3.31 Trust money subject to specific powers (1) This regulation has effect for the purposes of section 3.3.17 of the Act. (2) If a law practice or an associate of the practice is given a power to deal with trust money (whether alone or jointly with another person), the practice must keep— (a) a record of all dealings with the money to which the practice or associate is a party; and (b) all supporting information in relation to the dealings— in a manner that enables the dealings to be clearly understood. r. 3.3.31 -- 50 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 47 (3) If an approved clerk is given a power to deal with trust money (whether alone or jointly with another person), the clerk must keep— (a) a record of all dealings with the money to which the clerk is a party; and (b) all supporting information in relation to the dealings— in a manner that enables the dealings to be clearly understood. (4) The record, supporting information and power must be kept by the law practice or approved clerk as part of the practice's or clerk's trust records. 3.3.32 Register of powers and estates in relation to trust money (1) A law practice must maintain a register of powers and estates in respect of which the law practice or an associate of the practice is acting or entitled to act, alone or jointly with the law practice or one or more associates of the practice, in relation to trust money. (2) Sub-regulation (1) does not apply where the law practice or associate is also required to act jointly with one or more persons who are not associates of the law practice. (3) The register of powers and estates must record— (a) the name and address of the donor and date of each power; and (b) the name and date of death of the deceased in respect of each estate of which the law practice or associate is executor or administrator. r. 3.3.32 -- 51 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 48 3.3.33 Intermixing money (1) This regulation has effect for the purposes of section 3.3.19 of the Act, which provides that a law practice or an approved clerk must not, otherwise than as allowed by the regulations, mix trust money with other money. (2) A law practice or an approved clerk is allowed to mix trust money with other money to the extent only that is authorised by the Board and in accordance with any conditions imposed by the Board in relation to the authorisation. 3.3.34 Withdrawing trust money for legal costs—law practices (1) This regulation prescribes, for the purposes of section 3.3.20(1)(b) of the Act, the procedure for the withdrawal of trust money held in a general trust account or controlled money account of a law practice for payment of legal costs owing to the practice by the person for whom the trust money was paid into the account. (2) The trust money may be withdrawn in accordance with the procedure set out in either sub- regulation (3) or (4). (3) The law practice may withdraw the trust money— (a) if— (i) the money is withdrawn in accordance with a costs agreement that complies with the legislation under which it is made and that authorises the withdrawal; or r. 3.3.33 -- 52 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 49 (ii) the money is withdrawn in accordance with instructions that have been received by the practice and that authorise the withdrawal; or (iii) the money is owed to the practice by way of reimbursement of money already paid by the practice on behalf of the person; and (b) if, before effecting the withdrawal, the practice gives or sends to the person— (i) a request for payment, referring to the proposed withdrawal; or (ii) a written notice of withdrawal. (4) The law practice may withdraw the trust money— (a) if the practice has given the person a bill relating to the money; and (b) if— (i) the person has not objected to withdrawal of the money within 7 days after being given the bill; or (ii) the person has objected within 7 days after being given the bill but has not applied for a review of the legal costs under the Act within 60 days after being given the bill; or (iii) the money otherwise becomes legally payable. r. 3.3.34 -- 53 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 50 (5) Instructions mentioned in sub- regulation (3)(a)(ii)— (a) if given in writing, must be retained as a permanent record; or (b) if not given in writing, must be reduced to writing either before, or not later than 5 working days after, the law practice effects the withdrawal and a copy must be retained as a permanent record. (6) For the purposes of sub-regulation (3)(a)(iii), money is taken to have been paid by the law practice on behalf of the person when the relevant account of the practice has been debited. 3.3.35 Withdrawing trust money for legal costs—approved clerks (1) This regulation prescribes, for the purposes of section 3.3.20(2)(a) of the Act, the procedure for the withdrawal of trust money held in a general trust account of an approved clerk for payment of legal costs owing to a barrister for whom the clerk acts by the person for whom the trust money was paid into the account. (2) The trust money may be withdrawn in accordance with the procedure set out in either sub-regulation (3) or (4). (3) The approved clerk may withdraw the trust money— (a) if— (i) the money is withdrawn in accordance with a costs agreement that complies with the legislation under which it is made and that authorises the withdrawal; or r. 3.3.35 -- 54 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 51 (ii) the money is withdrawn in accordance with instructions that have been received by the clerk and that authorise the withdrawal; or (iii) the money is owed to the barrister by way of reimbursement of money already paid by the barrister on behalf of the person; and (b) if, before effecting the withdrawal, the barrister or clerk gives or sends to the person— (i) a request for payment, referring to the proposed withdrawal; or (ii) a written notice of withdrawal. (4) The approved clerk may withdraw the trust money— (a) if the barrister or clerk has given the person a bill relating to the money; and (b) if— (i) the person has not objected to withdrawal of the money within 7 days after being given the bill; or (ii) the person has objected within 7 days after being given the bill but has not applied for a review of the legal costs under the Act within 60 days after being given the bill; or (iii) the money otherwise becomes legally payable. r. 3.3.35 -- 55 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 52 (5) Instructions mentioned in sub- regulation (3)(a)(ii)— (a) if given in writing, must be retained as a permanent record; or (b) if not given in writing, must be reduced to writing either before, or not later than 5 working days after, the approved clerk effects the withdrawal and a copy must be retained as a permanent record. (6) For the purposes of sub-regulation (3)(a)(iii), money is taken to have been paid by the barrister on behalf of the person when the relevant account of the barrister maintained by the approved clerk has been debited. 3.3.36 Keeping of trust records (1) This regulation has effect for the purposes of section 3.3.25 of the Act for the keeping in a permanent form of a law practice's or an approved clerk's trust records in relation to trust money received by the practice or clerk. (2) The trust records are to be kept for a period of 7 years after— (a) in the case of a trust record referred to in paragraphs (a) to (m) of the definition of "trust records" in section 3.3.2(1) of the Act—the only or the last transaction entry in the record; or (b) in the case of any other trust record— finalisation of the matter to which the record relates. (3) This regulation does not apply to a written direction referred to in section 3.3.13(1)(a) or 3.3.15(1) of the Act. r. 3.3.36 -- 56 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 53 3.3.37 Retaining other records and information (1) A record maintained under regulation 3.3.5 is, so far as it relates to particular information, to be retained by the law practice or approved clerk for a period of 7 years after finalisation of the matter to which the record relates. (2) Any other record or information required by this Part to be retained by a law practice or an approved clerk is to be retained for a period of 7 years after finalisation of the matter to which the record relates. (3) This regulation does not apply to records to which regulation 3.3.11, 3.3.24 or 3.3.36 applies. 3.3.38 Statements regarding receipt or holding of trust money (1) The Board may, by notice given under this regulation, require a law practice or an approved clerk to give the Board a statement— (a) specifying whether or not, as the case may be, the practice or clerk has during a period specified by the Board received or held trust money; and (b) if the practice or clerk has received or held trust money during that period, specifying to which of the following categories the trust money belongs— (i) general trust money (being trust money other than that referred to in sub-paragraphs (ii) to (iv)); (ii) controlled money; (iii) transit money; (iv) money subject to a power. r. 3.3.37 -- 57 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 54 (2) A notice may be given so as to apply in respect of one or more periods (whether they occur annually or otherwise), and may be withdrawn or varied by a further notice. (3) A notice may specify the time by which or the period during which the requirement is to be complied with. (4) A notice is given to— (a) a particular law practice or approved clerk by sending the notice by post to the practice or clerk; or (b) a particular class of law practices or approved clerks by publishing the notice in a circular distributed generally to law practices or approved clerks of the class or in a magazine or other publication available generally to law practices or approved clerks of the class. (5) A law practice or an approved clerk— (a) must comply with a requirement imposed on it under this regulation and must do so by the time or during the period specified in the notice for compliance; and (b) must not include in the statement any information that is false or misleading in a material particular. Division 7—External Examinations 3.3.39 Application of Division This Division applies to a law practice that, or an approved clerk who, is required by the Act to have their trust records examined by an approved external examiner in respect of each audit year. Note: This Division has a modified application to community legal centres—see regulation 3.3.51. r. 3.3.39 -- 58 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 55 3.3.40 Appointment of external examiner (1) The law practice or approved clerk must appoint an approved external examiner— (a) within one month after receiving trust money (other than transit money); or (b) if the only trust money received in an audit year is transit money—within sufficient time to allow the trust records in relation to that transit money to be externally examined for the audit year. (2) An approved external examiner is not eligible to be appointed to examine the trust records of a law practice or an approved clerk if— (a) the examiner carries out any work for the practice or clerk, other than— (i) the examination of any records or accounts (other than trust records) kept by the practice or clerk on the practice's or clerk's own account or on behalf of other persons in connection with the business of the practice or clerk; or (ii) advisory or consulting duties consequential on the examiner's function as examiner; or (iii) the preparation of income tax returns for the practice or clerk; or (b) any of the following is, or has been at any time in the last 2 years, engaged in keeping any trust records of the practice or clerk— (i) the examiner; or r. 3.3.40 -- 59 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 56 (ii) a member of a firm of which the examiner is a member or employee; or (iii) an employee of the examiner, or of a firm of which the examiner is a member or employee; or (c) the examiner is, or has been at any time in the last 2 years, an associate of the practice or an employee of the clerk; or (d) the examiner is a member of the immediate family of an associate of the practice, or of the clerk; or (e) the examiner is in practice as an Australian legal practitioner or in business as an approved clerk; or (f) the examiner is an associate of another legal practice. (3) Sub-regulation (2) does not apply if the Board gives prior written approval for the appointment. (4) A law practice or an approved clerk cannot appoint an approved external examiner unless the examiner signs a written consent in or to the effect of the form approved by the Board. 3.3.41 Notification of appointment Within 14 days after appointing an approved external examiner, a law practice or an approved clerk must— (a) notify the Board of the appointment; and (b) give the examiner's written consent under regulation 3.3.40(4) to the Board. r. 3.3.41 -- 60 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 57 3.3.42 Termination of appointment—show cause notice (1) If the Board considers that for any reason an approved external examiner appointed by a law practice or an approved clerk has not properly performed the examiner's duties, or may not properly perform them, the Board, by written notice, may require the practice or clerk to show cause why the examiner's appointment should not be terminated. (2) After considering any representations made by the law practice or approved clerk, the Board, by written notice, may require the practice or clerk to terminate the examiner's appointment, if the Board is satisfied that the examiner has not properly performed his or her duties or may not properly perform them. 3.3.43 Disqualification of appointed examiner (1) An approved external examiner appointed to examine the trust records of a law practice or an approved clerk is disqualified from examining those records if— (a) the examiner carries out any work for the practice or clerk, other than— (i) the examination of any records or accounts (other than trust records) kept by the practice or clerk on the practice's or clerk's own account or on behalf of other persons in connection with the business of the practice or clerk; or (ii) advisory or consulting duties consequential on the examiner's function as examiner; or (iii) the preparation of income tax returns for the practice or clerk; or r. 3.3.42 -- 61 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 58 (b) the examiner is engaged in keeping any trust records of the practice or clerk; or (c) any of the following is, or has been at any time in the last 2 years, engaged in keeping any trust records of the practice or clerk— (i) a member of a firm of which the examiner is a member or employee; or (ii) an employee of the examiner or of a firm of which the examiner is a member or employee; or (d) the examiner is an associate of the practice or an employee of the clerk; or (e) the examiner is a member of the immediate family of an associate of the practice, or of the clerk; or (f) the examiner is in practice as an Australian legal practitioner or in business as an approved clerk; or (g) the examiner is an associate of another legal practice. (2) Sub-regulation (1) does not apply if the Board gives prior written approval for the examiner to examine the trust records of the law practice or approved clerk. 3.3.44 Termination generally (1) A law practice or an approved clerk must terminate the appointment of an approved external examiner if— (a) the examiner is disqualified under regulation 3.3.43 from examining the trust records of the practice or clerk; or (b) under regulation 3.3.42(2) the Board requires the practice or clerk to terminate the appointment. r. 3.3.44 -- 62 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 59 (2) A law practice or an approved clerk may terminate the appointment of an approved external examiner with the prior approval of the Board. (3) The Board may give approval under sub- regulation (2) if satisfied that it is reasonable in the circumstances for the practice or clerk to terminate the appointment. (4) The Board may require the law practice or approved clerk to supply any evidence the Board requires in order to be satisfied under sub- regulation (3). (5) A law practice or an approved clerk must notify the Board of the termination of the appointment of an approved external examiner within 14 days after the termination in the form approved by the Board. 3.3.45 Appointment of new examiner (1) Within one month after terminating the appointment of an approved external examiner, a law practice or an approved clerk must appoint another approved external examiner. (2) Regulations 3.3.40(2), (3) and (4) and 3.3.41 apply to the appointment of an approved external examiner under this regulation. 3.3.46 Statement of trust money (1) Within one month after the end of each audit year, a law practice or an approved clerk must prepare a statement containing the information, and in or to the effect of the form, approved by the Board and deliver a copy of the statement to— (a) the approved external examiner appointed to examine the trust records of the practice or clerk; and (b) the Board. r. 3.3.45 -- 63 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 60 (2) Each copy of the statement must be certified and signed— (a) in the case of a law practice—by a principal of the law practice; (b) in the case of an approved clerk—by the approved clerk. Note: The statement must also be certified by the external examiner at the conclusion of the external examination—see regulation 3.3.48. (3) This regulation does not apply in relation to an audit year if the law practice or approved clerk lodges a statutory declaration under section 3.3.54(3) of the Act in relation to that year. 3.3.47 Duties of examiner (1) In examining the trust records of a law practice or an approved clerk, an approved external examiner must— (a) ascertain whether any trust account was kept by the law practice or approved clerk during the period covered by the examination; and (b) make test examinations of any trust accounts and any statements relating to those accounts during that period, including statements in relation to deposits under Division 6 of Part 3.3 of the Act; and (c) make a comparison as at 2 or more days as determined under sub-regulation (3) of— (i) in the case of a law practice—the liabilities of the law practice to the practice's clients and to other persons in connection with the practice's practice, as shown in the trust records; and r. 3.3.47 -- 64 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 61 (ii) in the case of an approved clerk—the liabilities of the clerk to the clients of the barristers on whose behalf the trust money was received and to other persons in connection with those barristers' practice, as shown in the trust records; and (iii) the balance standing to the credit of a trust account; and (d) for the purpose of enabling the examiner to express an opinion as to whether the law practice or approved clerk has complied with the requirements of the Act and these Regulations during the period covered by the examination— (i) make checks and examine accounting records (including records other than trust records) and files representative of every part of the affairs of the law practice or the approved clerk's business that the examiner considers reasonable in the circumstances; and (ii) make test examinations of the withdrawal of trust money by electronic funds transfer to determine if the transfers have been effected in accordance with regulation 3.3.13; and (iii) in the case of a law practice—check that each principal of the law practice held an Australian practising certificate authorising the receipt of trust money. r. 3.3.47 -- 65 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 62 (2) In addition to the duties under sub-regulation (1), in examining the trust records of a law practice, an approved external examiner must make a test examination of— (a) trust assets and liabilities, including securities, investments, financial instruments, wills and deeds over real property; and (b) the register of controlled money maintained by the law practice; and (c) the register of investments maintained by the law practice; and (d) the register of powers and estates maintained by the law practice. (3) For the purposes of sub-regulation (1)(c)— (a) one day is to be the last day of the period covered by the examination; and (b) the other day or days are to be a day or days selected by the examiner. (4) On or within one month after each day referred to in sub-regulation (3), the examiner must, without notice to the law practice or approved clerk, visit the practice or the clerk's place of business and examine the trust records of the practice or clerk. 3.3.48 Examiner's annual report and certificate On completing an examination of the trust records of a law practice or an approved clerk, the approved external examiner must— (a) sign a report and certificate containing the information, and in or to the effect of the form, approved by the Board; and r. 3.3.48 -- 66 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 63 (b) certify and sign the statement of trust money prepared by the law practice or approved clerk under regulation 3.3.46; and (c) give the law practice or approved clerk the signed report and certificate, and the certified and signed statement, on or before 15 February next following the period covered by the examination. 3.3.49 Statutory declaration if trust money not held The prescribed form of statutory declaration for the purposes of section 3.3.54(3) of the Act is— (a) Form A1 for a law practice; (b) Form A2 for an approved clerk. 3.3.50 Statutory declaration on ceasing to hold trust money The prescribed form of statutory declaration for the purposes of section 3.3.55(3)(b) of the Act is— (a) Form B1 for a law practice; (b) Form B2 for an approved clerk. 3.3.51 Modification of external examination requirements for community legal centres (1) This regulation is made for the purposes of section 2.9.5(2) of the Act. (2) Section 3.3.52(1) of the Act applies to a community legal centre as though that section did not require the trust records of a community legal centre to be examined by an approved external examiner in respect of any audit year in which the only trust money received by the community legal centre was transit money. r. 3.3.49 -- 67 of 78 -- Part 3.3—Trust Money and Trust Accounts Legal Profession Regulations 2005 S.R. No. 152/2005 64 Division 8—Miscellaneous 3.3.52 Exemptions The Board may— (a) exempt a law practice or an approved clerk from complying with any of the provisions of this Part subject to any conditions that may be imposed by the Board; and (b) at any time impose a new condition on the exemption, amend or revoke a condition already imposed on the exemption, or revoke the exemption. __________________ r. 3.3.52 -- 68 of 78 -- Part 3.4—Costs Disclosure and Review Legal Profession Regulations 2005 S.R. No. 152/2005 65 PART 3.4—COSTS DISCLOSURE AND REVIEW 3.4.1 When does a matter have a substantial connection with this jurisdiction? For the purposes of Part 3.4 of the Act, a matter involving a client of a law practice has a substantial connection with this jurisdiction in any of the following circumstances— (a) the client is a natural person and is resident in this jurisdiction; (b) the client is a body corporate and— (i) the client carries on its business activities principally in this jurisdiction; or (ii) the legal services provided or to be provided relate principally to business activities carried on by the client in this jurisdiction; (c) the law practice, or the associate of the practice who is principally involved in the matter, engages in legal practice principally in this jurisdiction; (d) the legal services provided or to be provided relate to this jurisdiction, including, for example, legal services provided or to be provided for or in connection with— (i) the conveyance or transfer of real property located in this jurisdiction; or (ii) court proceedings in this jurisdiction. r. 3.4.1 -- 69 of 78 -- Part 3.4—Costs Disclosure and Review Legal Profession Regulations 2005 S.R. No. 152/2005 66 3.4.2 Exceptions to requirement for disclosure For the purposes of section 3.4.12(1)(f) of the Act, the following circumstances are prescribed as circumstances in which disclosure under section 3.4.9 or 3.4.10(1) of the Act is not required— (a) the client is an overseas-registered foreign lawyer or a foreign law practice (respectively within the meaning of Part 2.8 of the Act); (b) the client is a corporation that has a share capital and whose shares or the majority of whose shares are held beneficially for the Commonwealth, a State or a Territory. __________________ r. 3.4.2 -- 70 of 78 -- Part 3.6—Fidelity Cover Legal Profession Regulations 2005 S.R. No. 152/2005 67 PART 3.6—FIDELITY COVER 3.6.1 Protocols (1) The Board may enter into protocols with corresponding authorities for or with respect to any of the following matters— (a) the forwarding of claims, or copies of claims, under section 3.6.33 of the Act and corresponding laws; (b) the making and acceptance of requests to act as agent under Part 3.6 of the Act and corresponding laws; (c) the processing or investigation of claims or aspects of claims as agent under Part 3.6 of the Act and corresponding laws. (2) A protocol may be amended, revoked or replaced by agreement of the parties to it. __________________ r. 3.6.1 -- 71 of 78 -- Part 6.2—Legal Services Board Legal Profession Regulations 2005 S.R. No. 152/2005 68 PART 6.2—LEGAL SERVICES BOARD 6.2.1 Prescribed particulars for the register For the purposes of section 6.2.23(2)(g) of the Act, the following particulars are prescribed as particulars to be included in the register kept under that section— (a) for each local legal practitioner who is an employee of a law practice—the name of the law practice; (b) for each local legal practitioner who is a sole practitioner—any business name under which the practitioner carries on business; (c) for each locally registered foreign lawyer— (i) the name of the entity of which the lawyer is a director, officer, partner or employee or with which the lawyer is otherwise engaged in legal practice; and (ii) any business name under which the lawyer carries on business. __________________ r. 6.2.1 -- 72 of 78 -- Part 6.7—Funding Legal Profession Regulations 2005 S.R. No. 152/2005 69 PART 6.7—FUNDING 6.7.1 Maximum Fidelity Fund contribution per member For the purposes of section 6.7.25(3) of the Act, the prescribed amount is— (a) $100.00 per member in the case of a member employed by a community legal centre; or (b) $1500.00 per member in any other case. 6.7.2 Maximum Fidelity Fund levy per member (1) For the purposes of section 6.7.31(2) of the Act, the prescribed amount is— (a) $110.00 per member in the case of a member employed by a community legal centre; or (b) $1650.00 per member in any other case. (2) For the purposes of section 6.7.32(4) of the Act, the maximum amounts are— (a) $1650.00 in any 12 month period; (b) $8250.00 in total. __________________ r. 6.7.1 -- 73 of 78 -- Legal Profession Regulations 2005 S.R. No. 152/2005 70 SCHEDULES SCHEDULE 1 FORM A1 Regulation 3.3.49(a) STATUTORY DECLARATION IF TRUST MONEY NOT HELD— LAW PRACTICE I, [insert full name] , of [insert name of law practice] of [insert address] DECLARE THAT: 1. I am a principal of a law practice who is authorised to receive trust money. 2. The law practice of which I am a principal did not hold any trust money within the meaning of section 3.3.2 of the Legal Profession Act 2004 in its trust account during the audit year ending on 31 October [insert year]. 3. *The law practice of which I am a principal received transit money within the meaning of section 3.3.2 of the Legal Profession Act 2004 during the audit year ending on 31 October [insert year] and retained the particulars required by regulation 3.3.27 of the Legal Profession Regulations 2005. * delete if not applicable I acknowledge that this declaration is true and correct and I make it in the belief that a person making a false declaration is liable to the penalties of perjury. Signed Full Name [block letters] DECLARED AT [place] in the State of Victoria on [date] Sch. 1 -- 74 of 78 -- Legal Profession Regulations 2005 S.R. No. 152/2005 71 Before: [Name and address in legible writing, type or stamp below signature] A person authorised under section 107A(1) of the Evidence Act 1958 to witness the signing of a statutory declaration. __________________ Sch. 1 -- 75 of 78 -- Legal Profession Regulations 2005 S.R. No. 152/2005 72 FORM A2 Regulation 3.3.49(b) STATUTORY DECLARATION IF TRUST MONEY NOT HELD— APPROVED CLERK I, [insert full name] , of [insert address] DECLARE THAT: 1. I am an approved clerk who is authorised to receive trust money. 2. I did not hold any trust money within the meaning of section 3.3.2 of the Legal Profession Act 2004 in my trust account during the audit year ending on 31 October [insert year]. I acknowledge that this declaration is true and correct and I make it in the belief that a person making a false declaration is liable to the penalties of perjury. Signed Full Name [block letters] DECLARED AT [place] in the State of Victoria on [date] Before: [Name and address in legible writing, type or stamp below signature] A person authorised under section 107A(1) of the Evidence Act 1958 to witness the signing of a statutory declaration. __________________ Sch. 1 -- 76 of 78 -- Legal Profession Regulations 2005 S.R. No. 152/2005 73 FORM B1 Regulation 3.3.50(a) STATUTORY DECLARATION ON CEASING TO HOLD TRUST MONEY—LAW PRACTICE I, [insert full name] , of [insert name of law practice] of [insert address] DECLARE THAT: 1. I am or was a principal of a law practice that on [insert date] ceased to be authorised to receive trust money. 2. The law practice does not now hold any trust money, all such trust money having been applied in accordance with the Legal Profession Act 2004. I acknowledge that this declaration is true and correct and I make it in the belief that a person making a false declaration is liable to the penalties of perjury. Signed Full Name [block letters] DECLARED AT [place] in the State of Victoria on [date] Before: [Name and address in legible writing, type or stamp below signature] A person authorised under section 107A(1) of the Evidence Act 1958 to witness the signing of a statutory declaration. __________________ Sch. 1 -- 77 of 78 -- Legal Profession Regulations 2005 S.R. No. 152/2005 74 FORM B2 Regulation 3.3.50(b) STATUTORY DECLARATION ON CEASING TO HOLD TRUST MONEY—APPROVED CLERK I, [insert full name] , of [insert address] DECLARE THAT: 1. I am or was an approved clerk who on [insert date] ceased to be authorised to receive trust money. 2. I do not now hold any trust money, all such trust money having been applied in accordance with the Legal Profession Act 2004. I acknowledge that this declaration is true and correct and I make it in the belief that a person making a false declaration is liable to the penalties of perjury. Signed Full Name [block letters] DECLARED AT [place] in the State of Victoria on [date] Before: [Name and address in legible writing, type or stamp below signature] A person authorised under section 107A(1) of the Evidence Act 1958 to witness the signing of a statutory declaration. ═══════════════ Sch. 1 -- 78 of 78 --

Official source: https://www.legislation.vic.gov.au/site-6/as-made/statutory-rules/legal-profession-regulations-2005