Document ID: chunk:federal_register_of_legislation:F2023L01162:body:0:p4
Version: federal_register_of_legislation:F2023L01162
Segment Type: other
Provision Reference: 
Character Range: 7702–10455

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:
(A) paragraph (a), (c) or (f) of the definition of special custody assets in subsection (11); or
(B) paragraph (d) of the definition of special custody assets where the account is a regulated trust account.
(6) If the licensee or retail CCIV has obtained a written assurance within the preceding 13 months from a custodian that holds an Australian financial services licence authorising it to provide a custodial or depository service that, at the time the assurance is given, the custodian complies with the requirements of section 912AC and is not an incidental provider, the licensee or retail CCIV is taken to have the reasonable belief referred to in sub-subparagraph (5)(a)(i)(A) in relation to the custodian.
(7) A custodian satisfies the requirements of this subsection at a time (relevant time) if the licensee (in the case of a registered scheme or IDPS) or retail CCIV:
(a) has obtained a written assurance from the custodian within the preceding 13 months that, at the time the assurance is given, the custodian complies with the following requirements as if the custodian were a financial services licensee that was authorised to provide a custodial or depository service and was not an incidental provider:
(i) the requirements of subsections 912AC(3), (4) and (7) and paragraph 912AC(8)(a); and
(ii) if the custodian would be required to lodge a report with ASIC under section 912DAA relating to a contravention of subsection 912AC(3), (4) or (7), it must immediately notify the licensee or retail CCIV; and
(b) subject to subsections (7A) and (7B), has obtained a copy of a report from a registered company auditor in respect of a period of at least 12 months ending no more than 16 months before the relevant time, that states that:
(i) in the auditor's opinion, the custodian complied with the requirements referred to in subparagraphs 912AC(10)(a)(i) to (iii); and
(ii) the auditor has no reason to believe the matters referred to in subparagraphs 912AC(10)(b)(i) to (v) apply in relation to the custodian;
other than to the extent that the requirements or matters deal with conditions of an Australian financial services licence that are not requirements under subsection 912AC(3), (4) or (7) or paragraph 912AC(8)(a), as if the custodian were a licensee authorised to provide custodial or depository services and was not an incidental provider;
              (7A) Paragraph (7)(b) does not apply in relation to a custodian that has not previously provided a copy of a report to any person for the