ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156 (Cth)

ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156

About this compilation

Compilation No. 4

This is a compilation of ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156 as in force on 1 September 2023. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary 1 Name of legislative instrument 3 Authority 4 Definitions Part 2—Exemptions 5 Operators of nominee and custody services 6 People involved in the operation of nominee and custody services Part 3—Declarations 7 Offers of securities through nominee and custody services 8 Operators of nominee and custody services 9 Product Disclosure Statements: nominee and custody services Endnotes Endnote 1—Instrument history Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156.

3 Authority This instrument is made under subsections 741(1), 992B(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions In this instrument: accessible financial product means a financial product (other than a security) that may be held through a nominee and custody service. accessible securities means securities that may be held through a nominee and custody service. Act means the Corporations Act 2001. custodial or depository service has the meaning given by section 766E of the Act. custodian means a person who provides a custodial or depository service in connection with a nominee and custody service. Note: The custodian may also be the operator of the nominee and custody service. financial product has the meaning given by Division 3 of Part 7.1 of the Act. IDPS has the same meaning as in ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669. IDPS-like scheme has the same meaning as in ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668. nominee and custody service means a custody and settlement service (which includes the provision of a custodial or depository service): (a) in relation to which the clients of the service have the sole discretion to decide what (but not necessarily when) financial products will be acquired or disposed of, except where: (i) there are any prior written directions, which the client has agreed not to vary, to acquire or dispose of a particular financial product in particular circumstances (other than a circumstance that is affected by a discretion of an operator); or (ii) the client has authorised the operator or another person to give directions on their behalf for the purpose of the other person receiving or securing payment of moneys owing by the client to the person; and (b) which is not an IDPS or provided under an IDPS-like scheme. operator, in relation to a nominee and custody service, means a body corporate that is the holder of an Australian financial services licence authorising it to provide a custodial or depository service, who contracts with a client for the provision of the nominee and custody service or a function that forms part of the nominee and custody service.