Document ID: chunk:federal_register_of_legislation:F2024C00757:front:0:p2
Version: federal_register_of_legislation:F2024C00757
Segment Type: other
Provision Reference: 
Character Range: 2872–5687

of the Corporations Act 2001.

4 Definitions
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.
Act means the Corporations Act 2001.
client means a client of an IDPS.
IDPS means a scheme under which an investor directed portfolio service, consisting of a number of functions including a custody, settlement and reporting system and service with the following features is provided:
(a) the clients of the investor directed portfolio service have the sole discretion to decide what (but not necessarily when) assets will be acquired or disposed of, except where:
              (i) there are any prior written directions (that the client has agreed not to vary) to acquire or dispose of a particular asset in particular circumstances (other than a circumstance that is affected by a discretion of an operator); or
(ii) the client has authorised an 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) subject to any prior contrary directions in order to ensure payment of moneys for which the client is liable, a client may direct an operator to:
              (i) take reasonable steps to transfer assets to or to the order of the client; and
              (ii) realise assets held on account for the client and either:
                  (A) pay the proceeds to or to the order of the client, or
                  (B) if the operator and client agree, hold the proceeds under the IDPS in an account with an Australian ADI designated as a trust account;
unless the assets cannot be transferred or realised under law or the terms of their issue; and
(c) except where otherwise mentioned in paragraph (a) or (b), any discretion of the holder of assets held through the investor directed portfolio service may be exercised only in accordance with the directions from time to time of the relevant client; and
(d) the investor directed portfolio service is provided in such a way that clients are led to expect, and are likely to receive, benefits in the form of:
              (i) access to investments that the client could not otherwise access directly; or
              (ii) cost reductions by using assets contributed by the client or derived directly or indirectly from assets contributed by the client with assets contributed by other clients or derived directly or indirectly or indirectly from assets contributed by other clients;
but does not include a scheme under which material terms of any rights