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Finance Broking Australia-regulatory guide 237

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Regulatory Guide 237 - Trustee companies: Transfer determinations by ASIC CPD

This guide is for licensed trustee companies providing traditional trustee company services that are seeking to transfer the administration of estate assets and liabilities to other trustee companies under the transfer determination provisions of Ch 5D of the Corporations Act 2001 (Corporations Act). It explains how ASIC make transfer determinations and what information licensed trustee companies need to provide to ASIC when applying for a transfer determination.

Traditional services provided by licensed trustee companies are regulated by ASIC as a financial service under Ch 7 of the Corporations Act 2001 (Corporations Act). Trustee companies that provide traditional services must hold an Australian financial services (AFS) licence covering those services.

Under Pt 5D.6 of the Corporations Act, trustee companies can transfer their estate management business to another licensed trustee company and, in certain circumstances, the state or territory Public Trustee. Transfers may be voluntary or compulsory.

For ASIC to approve the transfer, they must be satisfied that any transfer is in the interests of both the clients of the transferring company and those of the receiving company (when viewed as a group).

RG 237 sets out the information ASIC require from trustee companies:
•    With an application for a voluntary transfer determination; and
•    When ASIC make a compulsory transfer determination.

Trustee companies applying to ASIC for an intra-group voluntary transfer determination will need to supply information about:
•    The transferring and receiving entities (see RG 237.30);
•    Possible advantages and disadvantages of the transfer (see RG 237.31);
•    Information on the transfer (see RG 237.32); and
•    AFS licence issues (see RG 237.33).

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