Document ID: chunk:federal_register_of_legislation:F2023C00850:body:0:p2
Version: federal_register_of_legislation:F2023C00850
Segment Type: other
Provision Reference: 
Character Range: 2816–5512

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.

       Part 2—Exemptions

5 Operators of nominee and custody services
(1) An operator of a nominee and custody service does not have to comply with:
           (a) Part 6D.2 or 6D.3 or section 992A of the Act for an offer to issue equitable rights or interests in accessible securities arising because of an offer to hold, or arrange for the holding of, the accessible securities through the nominee and custody service; and
           (b) Division 8 of Part 7.8, or Part 7.9, of the Act in relation to a financial product that is an equitable right or interest in an accessible financial product arising because of a holding, or an offer to hold or arrange for the holding of, the accessible financial product through the nominee and custody service.
           Note: This subsection does not apply to the accessible securities or accessible financial products that are held through the nominee and custody service.
(2) An operator of a nominee and custody service cannot rely on subsection (1) if ASIC has given a notice in writing to the operator stating that it cannot rely on that subsection and has not withdrawn the notice.

6 People involved in the operation of nominee and custody services
(1) A person (other than an operator) who is involved in the operation or promotion of a nominee and custody service does not have to comply with:
           (a) Part 6D.2 or 6D.3 or section 992A of the Act for an offer to issue equitable rights or interests in accessible securities arising because of an offer to hold, or arrange for the holding of, the accessible securities through the nominee and custody service; and
           (b) Division 8 of Part 7.8, or Part 7.9, of the Act in relation to a financial product that is an equitable right or interest in an accessible financial product arising because of a holding, or an offer to hold or arrange for the holding of, the accessible financial product through the nominee and custody service.
           Note: This subsection does not apply to