Document ID: chunk:federal_register_of_legislation:F2023L01162:body:0:p3
Version: federal_register_of_legislation:F2023L01162
Segment Type: other
Provision Reference: 
Character Range: 5259–7937

an amount of up to $5 million, being 0.5% of the average value of fund assets of the registered schemes, IDPSs and retail CCIVs operated by the licensee;
(iii) 10% of average revenue of the licensee; and
(b) otherwise—at least the greater of:
(i) $10 million; and
(ii) 10% of average revenue of the licensee.
(5) This subsection applies if at least one of the following is satisfied in relation to each registered scheme, IDPS and retail CCIV operated by the licensee:
(a) all of the fund assets of the registered scheme, IDPS or retail CCIV, including in the case of a registered scheme, property of the scheme not held by members, are held by:
(i) a custodian appointed by the licensee that:
(A) is authorised to provide a custodial or depository service and that the licensee reasonably believes is not an incidental provider and complies with the requirements of section 912AC; and
                            Note: Section 912AC is notionally inserted by ASIC Corporations (Financial Requirements for Custodians or Depository Service Providers) 2023/648.
(B) otherwise—satisfies the requirements of subsection (7); or
(ii) a sub-custodian appointed by such a custodian; or
(iii) an eligible custodian; or
(b) in relation to a registered scheme or retail CCIV—all the fund assets of the registered scheme or retail CCIV, including in the case of a registered scheme, property of the scheme not held by members, are Tier $500,000 class assets held by:
(i) in the case of:
(A) a registered scheme—the licensee; and
(B) a retail CCIV—the retail CCIV; or
(ii) a custodian appointed by the licensee; or
(iii) a sub-custodian appointed by the custodian;
provided that:
(iv) where the person holding the fund assets is the licensee or the retail CCIV referred to in subparagraph (i), that person holds at least $500,000 NTA; or
(v) where the person holding the fund assets is a custodian or sub-custodian—the custodian:
(A) holds at least $500,000 NTA; or
(B) is an eligible custodian; or
(c) all fund assets of the registered scheme, IDPS or retail CCIV, including in the case of a registered scheme, property of the scheme not held by members, that are not held in accordance with paragraph (a) or (b) are special custody assets, each of which is held by:
(i) in the case of:
(A) a registered scheme or an IDPS—the licensee; and
(B) a retail CCIV—the retail CCIV; or
(ii) an eligible custodian; or
(iii) a custodian that holds at least the NTA that the licensee would be required to hold under paragraph (4)(a) or a sub-custodian appointed by such a custodian; or
(iv) a custodian or a sub-custodian appointed by the custodian if the only fund assets held are those mentioned in: