Document ID: chunk:federal_register_of_legislation:F2023C00850:body:0:p3
Version: federal_register_of_legislation:F2023C00850
Segment Type: other
Provision Reference: 
Character Range: 5260–8112

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) A person cannot rely on subsection (1) if ASIC has given a notice in writing to the person stating that it cannot rely on that subsection and has not withdrawn the notice.

Part 3—Declarations

7 Offers of securities through nominee and custody services
    Chapter 6D of the Act applies to all persons as if Part 6D.2 were modified or varied by, after section 704, inserting:
    "704C    Offers through a nominee and custody service
(1) A person who makes an offer of accessible securities through a nominee and custody service that needs disclosure under this Part must promptly notify the operator or custodian if:
           (a) a supplementary or replacement document has been lodged in relation to the disclosure document; or
           (b) the person is prohibited under Division 1 of Part 6D.3 from making offers of securities under the disclosure document; or
           (c) the disclosure document is withdrawn before the expiry date specified in the disclosure document.
(2) Nothing in this Part or Part 6D.3 requires a disclosure document for offers of accessible securities through a nominee and custody service to include information about the nominee and custody service or the rights attached to the accessible securities where they differ from the rights that a person would have if they acquired the accessible securities directly.
(3) A person cannot rely on subsection (2) if ASIC has given a notice in writing to the person stating that it cannot rely on that subsection and has not withdrawn the notice.
(4) In this section:
accessible securities, custodian, nominee and custody service and operator have the same meanings as in subsection 912AH(10).".

8 Operators of nominee and custody services
    Part 7.6 of the Act (other than Division 4 and 8) applies to financial services licensees as if that Part were modified or varied by, before section 912B, inserting:
    "912AH    Requirements for the operation of a nominee and custody service
(1) This section applies to a financial services licensee that provides a nominee and custody service.

    Acquisition of accessible financial products that are interests in unregistered scheme
(2) The licensee must not, and must ensure that any custodian acting on its behalf does not, acquire accessible financial products for a client as part of a nominee and custody service that are:
           (a) interests in a managed investment scheme that is not a registered scheme; or
           (b) interests in a