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ARTICLE · 27 MAY 2014

Time to revisit ASIC custodial arrangements

Henry Davis York
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Licensees should be aware of new custodial arrangements and not only have regard to their existing licence conditions.

AustraliaFinance and Banking

By: Nikki Bentley

Responsible entities, licensed custodial providers (including trustees of unregistered schemes), MDA operators and IDPS operators will need to revisit their current processes around custody, and amend their existing custody agreements as a result of an extensive new regime which imposes new requirements on asset holders through ASIC Class Orders1 and which is reflected in the updated ASIC Regulatory Guide 133 and 166.

As these requirements are different to those already contained in a licensees' licence conditions, it is important that licensees are aware of them and do not only have regard to their licence conditions which are to be superseded.

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