Document ID: chunk:federal_register_of_legislation:F2023C00843:body:0:p1
Version: federal_register_of_legislation:F2023C00843
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ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339

About this compilation

Compilation No. 2

This is a compilation of ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339 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—Declaration
5 Adequate financial resources for CSF intermediaries
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This instrument is ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339.

3 Authority
This instrument is made under paragraph 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 CSF intermediaries
Part 7.6 (other than Divisions 4 and 8) of the Act applies in relation to a financial services licensee as if that Part were modified or varied by, in the appropriate position in Division 3 of that Part, inserting:

           "912AH Adequate financial resources for CSF intermediaries
              (1) This section applies to a financial services licensee that:
(a) is a CSF intermediary ; 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; or
(iv) a financial services licensee that holds an Australian financial services licence authorising it to:
(A) operate a registered scheme as a responsible entity; or
(B) operate an IDPS (as defined in ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669); or
(C) provide a custodial or depository service, unless subsection 912AC(5) (as notionally inserted by ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648) applies to it; or
(v) a licensee to which section 912AB (as notionally inserted by ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705 applies.

Cash needs requirement
              (2) The licensee must:
(a) prepare a projection of the licensee's cash flows over at least the next 12 months or, on or before 30 June 2020, 3 months, based on the licensee's reasonable estimate of what is likely to happen over this period; and
(b) have the projection approved in writing at least quarterly by the following persons as satisfying the requirements of paragraph (a):
(i) if the licensee is a body corporate—the directors of the licensee; and
(ii)    if the licensee is a partnership or the trustees of a trust—the partners of the licensee or