Document ID: chunk:federal_register_of_legislation:F2024C00757:reg:1:p11
Version: federal_register_of_legislation:F2024C00757
Segment Type: reg
Provision Reference: reg 1 (pt 11/22)
Character Range: 72801–75578

relation to the accessible investments that include how the instructions are given, and reasonable controls to ensure that the instructions are properly authorised and carried out; and
       (b) ensure that it and do all things necessary to ensure that any person the licensee directly or indirectly engages to hold IDPS property:
           (i) as far as practicable identifies the IDPS property as property held on behalf of the person for whom it is held; and
           (ii) holds the IDPS property separately from property in which the licensee or the person holding the IDPS property has an interest and from the property of any other person, other than clients of the IDPS, except in relation to:
              (A) Australian or foreign currency; or
              (B) a deposit taking facility of a body carrying on a business of accepting money on deposit including rights under that facility; or
              (C) securities (as defined in subsection 92(1)); or
              (D) derivatives;
       held separately from property in which the licensee or person holding the IDPS property has an interest other than as a trustee for a person other than the licensee, except where property is not held separately to comply with paragraph (40D)(f).
    (40D) The licensee must do all things necessary to ensure that, if IDPS property is not held separately from property in which the licensee or a person it directly or indirectly engages has an interest and separately from the property of any person other than clients of the IDPS:
       (a) the licensee has put in place, and keeps for 7 years after it was last relied on, a written policy in relation to not holding IDPS property separately which sets out its reasons why that policy is appropriate having regard to any extent to which it might expose its clients to the risks arising from the IDPS property not being held separately and its duties to each client; and
       (b) the licensee reviews the policy at least every 13 months, prepares a written record of the outcome of the review and keeps that record for 7 years; and
       (c) adequate records are kept at all times showing each client's entitlement to IDPS property that includes the IDPS property not held separately; and
       (d) reconciliation procedures are performed on each business day in relation to the IDPS property not held separately or if because of the nature of the property, it is ordinary and reasonable commercial practice in the place where the property is located to reconcile property of that kind less frequently, as frequently as would be performed in accordance with that practice; and
       (e) not holding the IDPS property separately does not restrict the capacity of the licensee to exercise its powers in relation to