Document ID: chunk:federal_register_of_legislation:F2023C00850:body:0:p7
Version: federal_register_of_legislation:F2023C00850
Segment Type: other
Provision Reference: 
Character Range: 15614–18556

custodial or depository service has the meaning given by section 766E of the Act.
custodian means a person who provides a custodial or depository service in connection with a nominee and custody service.
           Note: The custodian may also be the operator of the nominee and custody service.
defective:
           (a) in relation to a Product Disclosure Statement—has the same meaning as in section 1021B; and
           (b) in relation to a disclosure document—means a disclosure document in relation to which a person offering securities under the disclosure document must not issue securities or must deal under subsection 724(2) of the Act with any applications for securities made under the disclosure document that have not resulted in an issue or transfer of the securities; and
            (c) in relation to a CSF offer document—has the same meaning as in section 738U.
IDPS has the same meaning as in ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.
IDPS-like scheme has the same meaning as in ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668.
nominee and custody service means a custody and settlement service (which includes the provision of a custodial or depository service):
           (a) in relation to which the clients of the service have the sole discretion to decide what (but not necessarily when) financial products will be acquired or disposed of, except where:
              (i) there are any prior written directions, which the client has agreed not to vary, to acquire or dispose of a particular financial product in particular circumstances (other than a circumstance that is affected by a discretion of an operator); or
              (ii) the client has authorised the operator or another person to give directions on their behalf for the purpose of the other person receiving or securing payment of moneys owing by the client to the person; and
           (b) which is not an IDPS or provided under an IDPS-like scheme.
operator, in relation to a nominee and custody service, means a body corporate that is the holder of an Australian financial services licence authorising it to provide a custodial or depository service, who contracts with a client for the provision of the nominee and custody service or a function that forms part of the nominee and custody service.
(11) For the purposes of this section:
           (a) the circumstances in which the operator of  a nominee and custody service or a custodian acquires an accessible financial product under a direction of a client include:
              (i) an allocation of entitlements relating to an accessible financial product to the client in the nominee and custody service; and
              (ii) an increased investment in an accessible financial product in respect of which a client has been allocated entitlements;
           under