This regulation may be cited as the Legal Profession (External Examinations of Trust Records) Amendment Regulation 2017.
This regulation amends the Legal Profession Regulation 2007.
3Replacement of s 62 (Requirement for external examinations)
Section 62—
omit, insert—62 Exemption from requirement on law practice to have its trust records externally examined—Act, s 268
(1)This section applies to a law practice if the only trust money received or held by the law practice during a financial period is either or both of the following—(a)transit money;(b)money received into or held in a PEXA source account.(2)The law practice is exempt from the requirement to have its trust records for the financial period externally examined under section 268(1) of the Act.(3)In this section—conveyancing transaction see the ECNL (Qld), section 3(1).ECNL (Qld) means the Electronic Conveyancing National Law (Queensland) as defined in the Electronic Conveyancing� National Law (Queensland) Act 2013, section 3(2).PEXA means Property Exchange Australia Limited ACN 140 677 792.PEXA Electronic Lodgment Network means an Electronic Lodgment Network provided and operated by PEXA as a person approved as an Electronic Lodgment Network Operator under the ECNL (Qld), section 15.PEXA source account means an account, to hold trust money, that is—(a)maintained by PEXA with an authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cwlth) ; and(b)used by PEXA to receive and hold funds that are paid into that account for use in a settlement of a conveyancing transaction using the PEXA Electronic Lodgment Network.