Document ID: chunk:federal_register_of_legislation:F2023L01162:body:0:p1
Version: federal_register_of_legislation:F2023L01162
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Character Range: 0–2989

ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647
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 responsible entities, IDPS operators and corporate directors of retail CCIVs
Part 3—Repeal
6 Repeal

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647.

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 paragraph 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 responsible entities, IDPS operators and corporate directors of retail CCIVs
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:

"912AA Adequate financial resources for responsible entities, IDPS operators and corporate directors of retail CCIVs
(1) This section applies to a financial services licensee that:
(a) holds an Australian financial services licence that authorises it to operate:
(i) a registered scheme; or
(ii) an IDPS; or
(iii) a retail CCIV; 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 is a responsible entity or is authorised to operate an IDPS or retail CCIV; and
(c) the obligation to lodge an opinion by a registered company auditor on the financial requirements for licensees that are authorised to operate a registered scheme, an IDPS or retail CCIV 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