Document ID: chunk:federal_register_of_legislation:F2024C00757:reg:1:p15
Version: federal_register_of_legislation:F2024C00757
Segment Type: reg
Provision Reference: reg 1 (pt 15/22)
Character Range: 83280–86246

it is to engage a custodian, which person will be the custodian and on what terms. The process must involve the application of a reasonable written policy approved by the directors which addresses potential conflicts of interest and other considerations relevant to the interests of each client; and
       (g) do the following:
           (i) review the appropriateness of the written policies and processes that the licensee is required to ensure exists under paragraphs (c), (d) and (f) at least once in every 13 months; and
           (ii) as directed by ASIC in writing, arrange for a report on the effectiveness or the reasonableness of any of the processes or policies to be prepared and given to ASIC.
           The written direction may specify who is to prepare the report and the time by which it must be given to ASIC.
(40L) A licensee that complies with subsections (40C) to (40K) is taken to comply with conditions (if any) of its Australian financial services licence that refer to ASIC Policy Statement 133 or ASIC Regulatory Guide 133 as applying on a certain date.
Facilitating dispute resolution
    (41) If a client notifies the licensee that it has a complaint in relation to an accessible investment, the licensee must take reasonable steps to facilitate resolution of the dispute between the client and the issuer of the accessible investment, including informing the client whether the issuer has an internal dispute resolution system that is available to the client.
Interpretation
(42)  In this section:
    accessible financial products means financial products (other than securities) that may be held through an IDPS.
    accessible investments means assets or property that may be held through an IDPS, including accessible securities and accessible financial products.
    accessible securities means securities that may be held through an IDPS.
    annual investor statement has the meaning given by paragraph (31)(a).
    client means a client of an IDPS.
    custodial arrangement has the same meaning as in subsection 1012IA(1).
    custodial functions means holding property for clients and incidental functions.
    custodial staff means natural persons who under an arrangement with the licensee or a custodian have duties relating to holding IDPS property, record keeping relating to IDPS property, checking authorisations for instructions to transact or functions incidental to these functions other than making investment decisions, trading decisions or other discretionary decisions resulting in the transfer or disposal of IDPS property, other than discretionary decisions in relation to holding a deposit account with a corporation that is regulated for the taking of deposits where the balance of the deposit account is payable on demand and discretionary decisions relating to buying or selling foreign currency.
    custodian means a person (other than a client) that holds property to which an IDPS relates.
    Note: