Dormant Assets Act 2022
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Change 1
13 Meaning of “dormant” in relation to eligible client money
(1) For the purposes of this Act an amount of eligible client money is “dormant” at a particular time if the following condition is met at that time. (2) The condition is that the responsible institution regards the person to whom the amount is payable as having been gone-away throughout the preceding 6 years. (3) For the purposes of subsection (2) a responsible institution may regard a person as having been “gone-away” throughout a period if the responsible institution has received no communication from that person (or a person acting on behalf of that person) during that period. (4) In this section “responsible institution” means the investment institution that is responsible, in relation to the client money in question, for either or both of the following activities— (a) assessing whether a person has been gone-away for a period; (b) receiving communications as mentioned in subsection (3).
13 Meaning of “dormant” in relation to eligible client money
(1) For the purposes of this Act an amount of eligible client money is “dormant” at a particular time if the following condition is met at that time. (2) The condition is that the responsible institution regards the person to whom the amount is payable as having been gone-away throughout the preceding 6 years. (3) For the purposes of subsection (2) a responsible institution may regard a person as having been “gone-away” throughout a period if the responsible institution has received no communication from that person (or a person acting on behalf of that person) during that period. (4) In this section “responsible institution” means the investment institution that is responsible, in relation to the client money in question, for either or both of the following activities— (a) assessing whether a person has been gone-away for a period; (b) receiving communications as mentioned in subsection (3).
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