Document ID: chunk:federal_register_of_legislation:F2023L01163:body:0:p1
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ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648
I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 30 August 2023

Leah Sciacca

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Declaration
5 Adequate financial resources for custodial or depository service providers
Part 3—Repeal
6 Repeal

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

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

"912AC Adequate financial resources for custodial or depository service providers

(1) This section applies to a financial services licensee that:

(a) holds an Australian financial services licence authorising it to provide a custodial or depository service; 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.

(2) A financial services licensee covered by subsection (1) that complies with this section is taken to comply with conditions (if any) of its licence that relate to:

(a) a cash needs requirement; and

(b) net tangible assets that apply because it provides a custodial or depository service; and

(c) the obligation to lodge an opinion by a registered company auditor on the financial requirements for licensees that are authorised to provide a custodial or depository service to the extent the opinion is for a part of a financial year or other period during which the licensee was covered by subsection (1).

                     Note: The conditions on the licence may include other requirements in relation to having available adequate financial resources for the purposes of paragraph 912A(1)(d).

(2A) This section applies to a financial services licensee (manager) that is covered by subsection (1) and holds an Australian financial services licence that:

(a) authorises the manager to provide wholesale equity financial services (within the meaning of the ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 (ASIC Instrument)); and
(b) contains conditions to the effect of the conditions referred to in subparagraph 6(a)(ii) of the ASIC Instrument;
as if the assets, liabilities,