Victorian Numbered Regulations Victorian Numbered Regulations(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.
(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.