ASIC Corporations (Amendment) Instrument 2023/876
I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Leah Sciacca
ASIC Corporations (Amendment) Instrument 2023/876
I, Leah Sciacca, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Leah Sciacca
Contents
1 Name of legislative instrument
ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669
1 Name of legislative instrument
This is the ASIC Corporations (Amendment) Instrument 2023/876.
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.
This instrument is made under subsections 341(1), 601QA(1), 655A(1), 673(1), 741(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act 2001.
Each instrument that is specified in a Schedule to this instrument is amended as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668
1 Section 4 (definition of securities)
Omit “subsection 92(4)”, substitute “subsections 92(4) and (5)”.
2 Section 7 (notional subsection 1013DAB(9) (heading))
Omit “continual”, substitute “continuous”.
3 Section 7 (notional paragraph 1013DAB(9)(b))
Omit the notional paragraph, substitute:
“(b) electronic access to the information referred to in subsection (12) on a substantially continuous basis if either:
(i) both the following apply:
(A) the member has agreed to obtain information concerning transactions and holdings through the scheme electronically instead of receiving a quarterly report;
(B) the licensee has no reason to doubt that the member can electronically access the information on a substantially continuous basis; or
(ii) all the following apply:
(A) the member has received reasonable notice that the member will be able to obtain information concerning transactions and holdings through the scheme electronically instead of receiving a quarterly report;
(B) the licensee has no reason to doubt the member can electronically access the information on a substantially continuous basis;
(C) the licensee has provided the member with the ability to opt out of receiving the information by electronic access;
(D) the member has not opted out of receiving the information by electronic access.”
4 Section 7 (notional sub-subparagraphs 1013DAB(14)(a)(ii)(B) and (14)(c)(ii)(B))
Omit “paragraph (9)(b)”, substitute “subsection (12)”.
ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669
5 Section 4 (definition of securities)
Omit “subsection 92(4)”, substitute “subsections 92(4) and (5)”.
6 Section 8 (notional paragraph 912AD(27)(b))
Omit the notional paragraph, substitute:
“(b) electronic access to the information referred to in subsection (30) on a substantially continuous basis if either:
(i) both the following apply:
(A) the client has agreed to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;
(B) the licensee has no reason to doubt that the client can electronically access the information on a substantially continuous basis; or
(ii) all the following apply:
(A) the client has received reasonable notice that the client will be able to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;
(B) the licensee has no reason to doubt the client can electronically access the information on a substantially continuous basis;
(C) the licensee has provided the client with the ability to opt out of receiving the information by electronic access;
(D) the client has not opted out of receiving the information by electronic access.”