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Notice
ASX has received regulatory clearance for the changes to the ASX Clear Operating Rules concerning trust and client segregated accounts. This follows on from the consultation in late 2020 (refer ASX Notice 1585.20.12) and ASX’s response to submissions received (published under the entry for 5 May 2021 available here).
The final version of the amendments to ASX Clear Operating Rule and Procedure 4.23 and ASX Clear Operating Rule Guidance Note 12 Trust and Client Segregated Accounts (‘Guidance Note 12’) are unchanged from the response to consultation and are effective from Monday, 16 August 2021. The changes are available in mark-up via the following links:
A. changes to the Rules and Procedures; and
B. changes to Guidance Note 12.
The changes include:
· a requirement that participants perform a daily reconciliation at the individual client level;
· a prescribed form for a trust reconciliation (currently the form is provided as an attachment to Guidance Note 12);
· expressly clarifying that a deficiency of funds in a participant’s trust account must be reported to ASX regardless of the amount of the deficiency; and
· requiring participant policies and procedures for compliance with the ASX client money obligations to have regard to Guidance Note 12.
Participants have a 12-month transition period to align their arrangements with the revised Rules, Procedures and Guidance Note and will be expected to be fully compliant by the end of that period. ASX will confirm with participants their progress or timetable for complying with the changes towards the end of 2021.
Need more information?
Issued by
Nikki Swinson, General Manager, Participants Compliance
Contact information
Bill Woods
+61 (02) 9227 0000
participants.compliance@asx.com.au