ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648 (Cth)

ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648 I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 30 August 2023

Leah Sciacca

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Declaration 5 Adequate financial resources for custodial or depository service providers Part 3—Repeal 6 Repeal

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648.

2 Commencement This instrument commences on the day after it is registered on the Federal Register of Legislation. Note: The register may be accessed at www.legislation.gov.au.

3 Authority This instrument is made under 926A(2)(c) of the Corporations Act 2001.

4 Definitions In this instrument: Act means the Corporations Act 2001.

Part 2—Declaration

5 Adequate financial resources for custodial or depository service providers Part 7.6 (other than Divisions 4 and 8) of the Act applies in relation to financial services licensees as if that Part were modified or varied by, in the appropriate position in Division 3 of that Part, inserting:

"912AC Adequate financial resources for custodial or depository service providers

(1) This section applies to a financial services licensee that:

(a) holds an Australian financial services licence authorising it to provide a custodial or depository service; and

(b) is not:

(i) a body regulated by APRA that is not required to comply with paragraph 912A(1)(d); or

(ii) a market participant; or

(iii) a clearing participant.

(2) A financial services licensee covered by subsection (1) that complies with this section is taken to comply with conditions (if any) of its licence that relate to: