Document ID: chunk:federal_register_of_legislation:F2023C00840:body:0:p4
Version: federal_register_of_legislation:F2023C00840
Segment Type: other
Provision Reference: 
Character Range: 7921–10849

been provided to ASIC in writing (to the extent that the trustee or manager knows those particulars or would have known them if it had undertaken reasonable enquiries).

7 Conditions
(1) The trustee must comply with:
           (a) for so long as the trustee relies on the exemption in section 5—conditions 13(a) and (b) of PF 209 as if the trustee were a financial services licensee whose licence contained those conditions; and
           (b)  section 912AC (other than subsections (4) to (7)) of the Act (as notionally inserted by ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648) as if:
              (i) from the time the trustee first relies on the exemption in section 5 until the time the trustee ceases to rely on the exemption, the trustee were a financial services licensee:
                  (A) whose licence authorises it to provide a custodial or depository service; and
                  (B) to whom section 912AC applies; and
              (ii) the references in subsection 912AC(10) to "other financial requirements in conditions on its licence" were references to the conditions mentioned in paragraph (a); and
              (iii) subsection 912AC(10) did not require the audit opinion to deal with compliance with, or a requirement under, subsection 912AC(4) or (7); and
              (iv) the requirement in paragraph 912AC(11)(a) to lodge the audit opinion with the balance sheet required under section 989B were a requirement to lodge the audit opinion no later than 3 months after the end of the financial year of the trustee; and
           (c)  sections 912AAC and 912AAD of the Act (as notionally inserted by ASIC Class Order [CO 13/1410]) as if, from the time the trustee first relies on the exemption in section 5 until the time the trustee ceases to rely on the exemption, the trustee were a financial services licensee whose licence authorises it to provide a custodial or depository service.

           Note: Condition 13 of PF 209 set out the base level financial requirements applicable to all financial services licensees who are not bodies regulated by the Australian Prudential Regulation Authority. Section 912AC of the Act (as notionally inserted by ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648) sets out the tailored cash needs, net tangible assets and audit requirements that apply to licensees authorised to provide a custodial or depository service. Together, these conditions require the licensee to be solvent at all times and have positive net assets and to meet the tailored cash needs, net tangible assets and audit requirements. Sections 912AAC and 912AAD of the Act (as notionally inserted by ASIC Class Order [CO 13/1410]) set out standards that apply to a licensee in relation to the provision of a custodial or depository service by the licensee or a