InterpretationInterpretation

Interpretation

(19) In this section: accessible financial products means financial products (other than securities) that may be held through an IDPS-like scheme. accessible investments means assets that may be held through an IDPS-like scheme, including accessible securities and accessible financial products. accessible securities means securities that may be held through an IDPS-like scheme. annual investor statement has the meaning given by paragraph (13)(a). client, in relation to a custodial arrangement, has the same meaning as in subsection 1012IA(1). custodial arrangement has the same meaning as in subsection 1012IA(1). custodian means a person that holds property of an IDPS-like scheme and who may also be the responsible entity of the scheme. 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) 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. distribution reinvestment plan means a written arrangement between the responsible entity of an IDPS-like scheme and a member to the effect that the member instructs the responsible entity to: (a) reinvest distributions from specified accessible investments held through the scheme by the member in some or all of the accessible investments held through the scheme by the member; and (b) carry out the reinvestment of distributions referred to in paragraph (a) according to an agreed method; where before entering into the arrangement, the member has been given a Product Disclosure Statement for the scheme containing a statement to the effect that the member may not have: (c) the current Product Disclosure Statement for an accessible financial product held through the scheme; or (d) the current disclosure document for accessible securities held through the scheme; at the time an additional holding of the accessible financial product or accessible securities is acquired under the distribution reinvestment plan. eligible agent, in relation to a person who is a member of an IDPS-like scheme, means an agent of the person, other than the responsible entity of the scheme or an associate of the responsible entity, who is authorised under an eligible agreement. eligible agreement, in relation to an eligible agent, means a written agreement between the person and the agent which authorises the agent to receive a document on the person’s behalf in relation to the IDPS-like scheme. financial assets has the same meaning as that term has in paragraph 11 of Accounting Standard AASB 132 Financial Instruments: Presentation as in force on the day this instrument is made. IDPS has the same meaning as in ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669. IDPS-like scheme means a registered managed investment scheme under which or which has a constitution that has provisions to the effect that: (a) a member may give a direction that an amount of money corresponding to part or all of the amount invested by the member in the scheme be invested in specified accessible investments; and (b) the distributions of capital and income from the scheme to the member in relation to their interests in the scheme will be determined by reference to amounts received by the responsible entity or a custodian in relation to the accessible investments acquired under that direction. internal controls and other procedures of a responsible entity includes any alternative controls and procedures employed by the responsible entity to address deficiencies in the design or operation of established internal controls or other procedures. missing document has the same meaning as in the definition of regular savings plan. nominee and custody services has the same meaning as in ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156. quarter means a period of three months ending on a quarter day. quarter’s end means, in relation to electronic access to information under paragraph (9)(b): (a) the end of the day that is a quarter day; or (b) where such access is not given at the time mentioned in paragraph (a), the time at which access is first given after that time. quarterly report means a report for a quarter under subsection (11). regular savings acquisition has the same meaning as in the definition of regular savings plan. regular savings plan means a written arrangement between the responsible entity of an IDPS-like scheme and a member to the effect that: (a) the member instructs the responsible entity to acquire specified accessible financial products by way of periodic payments of a specified amount and at specified intervals (each such acquisition is a regular savings acquisition); and (b) the member acknowledges that under the regular savings plan a regular savings acquisition of an accessible financial product may occur without the member having been given a current Product Disclosure Statement (missing document) in relation to the accessible financial product; and (c) the responsible entity agrees to give access to the member to what it reasonably believes is the most current missing document relating to an accessible financial product (unless this would not be required if the acquisition were not under a regular savings plan) that may be acquired under the regular savings plan as soon as reasonably practicable and in any event by the fifth business day after the responsible entity receives what the responsible entity reasonably believes is the most current missing document; and (d) the member acknowledges that regular savings acquisitions will continue to be made under the regular savings plan until the member instructs the responsible entity otherwise or the arrangement constituting the regular savings plan is terminated; and where the member: (e) before entering into the arrangement has been given the Product Disclosure Statement of the IDPS-like scheme containing a statement; and (f) has been given advice quarterly in writing; to the effect that the member may not have the current Product Disclosure Statement for an accessible financial product at the time a regular savings acquisition of the accessible financial product is made. (20) For the purposes of this section: (a) the circumstances in which the responsible entity of an IDPS-like scheme or a custodian acquires an accessible investment under a direction of a member include: (i) an allocation of entitlements relating to an accessible investment to the interest of the member; and (ii) an increased investment in an accessible financial product in respect of which a member’s interest has been allocated entitlements;