Commonwealth Numbered Acts Commonwealth Numbered ActsMeaning of investment entitlement
(1) An investment entitlement is the rights of a person in whose name an investment entitlement intermediary maintains an investment entitlement account.
Meaning of investment entitlement intermediary
(2) An investment entitlement intermediary is:
(a) a person who, in the course of business or other regular activity, maintains investment entitlement accounts on behalf of others, and includes a central securities depository; or
(b) a person (a CS facility licence holder ) who operates a securities transfer and settlement facility under an Australian CS facility licence (within the meaning of the Corporations Act 2001 ).
(3) To avoid doubt, an investment entitlement intermediary may also maintain an investment entitlement account on its own behalf.
(4) An investment entitlement intermediary (including a central securities depository) is an investment entitlement intermediary only while acting in the capacity of an investment entitlement intermediary.
(5) A person is not an investment entitlement intermediary merely because the person:
(a) acts as a registrar or transfer agent for an issuer of a financial product; or
(b) records details of interests in financial products in its own books, being interests credited to investment entitlement accounts in the names of other persons for whom the person acts as manager or agent or otherwise in a purely administrative capacity.
(6) A person is not an investment entitlement intermediary , in relation to particular (or any) financial products issued under the laws of Australia or a foreign country, if:
(a) the person credits interests in financial products to investment entitlement accounts maintained by the person, in the person's capacity as operator of a system for holding and transferring such interests, on records of the issuer or other records which constitute the primary record of entitlement to them as against the issuer; and
(b) the country under which the financial products are issued makes a written declaration that the person is not to be an investment entitlement intermediary for the purposes of this Act in relation to the particular financial product, or in relation to all financial products; and
(c) the regulations prescribe the person for the purposes of this subsection.
Meaning of investment entitlement account
(7) In this Act:
"investment entitlement account" means:
(a) an account to which interests in financial products may be credited or debited; or
(b) in the case of an account maintained by a CS facility licence holder--writing that records holdings and transfers maintained by the CS facility licence holder in the course of operating the facility.