In this Issue

• Thank you, Daryl Crich and David Knights
• ACSA Board Changes
• ACSA Member Events
• ACSA Thought Leadership Series
• ASX Cash Equities Clearing and Settlement Advisory Group
• ATO Certificate of Residency
• ACSA Video Learning Series
• Global Insight – Operationalising T+1 in North America
• In Focus – Clare Belsten (State Street)
  

Introduction

In this month’s edition of the Industry Wrap we recognise the contributions of two ACSA legends and welcome their replacements to the ACSA Executive Board.

October was a busy month for ACSA with our second Members event for the year, our AGM and another edition of the ACSA Thought leadership Series (with more to come as we move rapidly towards the holiday season). We include updates on the new ASX Cash Equities Clearing and Settlement Advisory Board, ATO Certificate of Residency discussions, and share how our ACSA Video Learning Series is going.

You will also find a connection to a global survey and update on T+1 which has many interesting insights.

And this month we are also In Focus with Clare Belsten from State Street.

Thank you, Daryl Crich and David Knights

Two longstanding ACSA Executive Board members are leaving the ACSA board – Daryl Crich and David Knights have made significant contributions to ACSA during their active involvement, including as Treasurer and Chair respectively.

ACSA cannot thank Daryl and David enough for their outstanding contribution to the industry and for being such strong supporters of ACSA.

For those that don’t know Daryl and David, here is a little bit about them.

Daryl Crich

Daryl was involved in ACSA for 10 years.

Daryl commenced at BNP Paribas Securities Services over 30 years ago. Daryl is the Australasian Chief of Staff and is responsible for overseeing all aspects of the company’s financials, the governance framework, the definition and execution of the organisation’s strategy, and other organisational wide projects for Australia and New Zealand.

Prior to that, Daryl spent 10 years with KPMG in their Audit and Advisory Services Division, participating in their Banking and Finance Group for the last three years.

Daryl joined ACSA in October 2013, becoming BNP representative following Pierre Jond, a prior ACSA chair. Daryl was the Treasurer of ACSA from October 2016 until last year.

Daryl has been instrumental in ACSA engaging across the industry, with regulators and with other associations on data standards and utilisation.

We thank Daryl for his contributions in driving change and keeping the finances under control.

David Knights

David was involved with ACSA for 8½ years with 6 years as ACSA Chair.

David is the Executive, Asset Servicing at NAB. David joined NAB in 2002, and has held senior roles across the Personal Bank, Business Bank, and Operations. He joined NAB Asset Servicing in May 2013 as the GM of Client Delivery. David is currently responsible for the management of the orderly wind-down of NAB Asset Servicing business by end 2025.

Prior to joining NAB, David has 20 years of multi-industry experience, spanning engineering, management consulting and banking & finance. This includes working for Bevington Group (originally BCG) leading consulting assignments across the finance, logistics, healthcare, and primary resource industries. David is passionate about addressing indigenous inclusion and is a director and chair of the risk committee for the Traditional Credit Union (TCU), the only indigenous owned ADI in Australia.

David joined ACSA in February 2015 and took on the role of Chair in May 2015, taking over from David Braga. David was Chair for 6 years until April 2021 when he handed over to Sally Surgeon. David has also been the ACSA company secretary since 2018.

During his time at ACSA, David has championed industry growth, efficiency, and advocacy. He was instrumental in building the Association and driving change, including the appointment of the first CEO in 2017. He also took the lead when super regulatory change peaked, and ACSA needed to actively engage with regulators to ensure the industry was understood and regulation reflected our role.

ACSA Board Changes

ACSA’s annual general meeting took place in October and the following changes to the Executive Board were approved.

• Mubin Rahimi will replace David Knights as the NAB Asset Servicing representative
• Philippe Kerdoncuff will replace Daryl Crich as BNP Paribas Securities Services representative.

The ACSA Executive Board welcomes Mubin and Philippe and looks forward to your contribution to the industry. You can get to know Mubin and Philippe below.

Mubin Rahimi

Mubin Rahimi has joined the ACSA Executive Board as representative for NAB Asset Servicing, replacing David Knights.

Mubin Rahimi is the Head of Client Enablement for NAB Asset Servicing in Australia. In this role, Mubin is responsible for the development and execution of business strategy to optimize the client experience. Mubin joined NAB in 2006 and has over 18 years’ experience in financial services. He has held a number of leadership roles across Strategy, Fund Accounting, Investment Analytics and Program Management.

Mubin holds a Bachelor of Commerce from the University of Melbourne and obtained is MBA from Melbourne Business School in 2016.

Philippe Kerdoncuff

Philippe Kerndoncuff has joined the ACSA Executive Board as representative for BNP Paribas Securities Services Australia & New Zealand, replacing Daryl Crich.

Philippe is Head of Asset Owners and Asset Managers Client Lines, Australia and New Zealand, in charge of driving the strategy, the development and management of products and solutions to local Asset Owners and Asset Managers.

Philippe is a permanent member of Business Committee at BNP Paribas Securities Services Australia & New Zealand.

Philippe joined BNP Paribas in 2001, and was most recently location head of Mainland China, based in Shanghai, where he oversaw the fast development of the bank’s Securities Services business over the last six years. Prior to this, he had international assignments within Securities Services and Asset Management in Europe and the USA (including Head of New Markets Development and Global head of Global Custody Product Management).

Philippe is a French citizen and holds a Masters degree in Economics and a post-graduate degree in Bank and Finance from University Paris-Dauphine.

ACSA Members Events

Thank you to all those who attended our members event which we hosted concurrently in Melbourne and Sydney. Special thanks to NAB Asset Servicing and State Street for hosting the events.

The members event had a large attendance with over 150 people participating across both locations and they heard about ACSA’s current focus and priorities, as well as heard from our special guest, Ugur Keskin (VP, Regional Information Security Manager JP Morgan) on the upcoming ACSA white paper – From vulnerability to resilience.

Finally, we recognised the contributions of Daryl Crich and David Knights to ACSA.
We look forward to the next ACSA members event which will be in the first quarter of 2024. At this event we will recognise our annual ACSA Award winners. We look froward to catching up with you all at this event.

Keep track of the announcements of the members events on LinkedIn or on the events page of the ACSA website.

Demystifying custody and investment services approach to CP230

The ACSA Thought Leadership Series continued in October with Niki Short and Lisa Simmons from Ashurst sharing insights into Demystifying custody and investment services approach to CP230.

APRA’s Prudential Standard CPS 230 – Operational Risk Management, bolsters operational risk management practices across the Financial Services sector. While the final standard contains few changes to APRA’s earlier draft, the new accompanying draft Prudential Practice Guide (CPG) provides materially more detail around expectations across Operational Risk Management, Business Continuity Planning, and the Management of Service Providers.

In this webinar Ashurst provided insights into:

• The background and need for Prudential Standard CPS230 and the guidance CPG230
• The implications of the prudential standard and guidance for Material Service Providers, such as Custodians and Investment Administrators
• The way forward and timelines for implementation

If you missed the webinar, you can catch the replay here.

Navigating Frauds and Scams

Next up, ACSA is excited to bring forward looking insights into changing regulations affecting our industry. Delve into the dynamic realm of financial security in the digital era through our captivating Thought Leadership webinar: "Navigating Fraud and Scams”.

This insightful session on November 10, to be presented by ACSA in collaboration with NAB, offers a comprehensive exploration of the evolving landscape of frauds and scams within the finance industry.

Join NAB experts to unravel the intricate web of modern financial deception, shedding light on emerging trends, vulnerabilities, and the multifaceted nature of cyber threats. Participants will gain invaluable insights into the ever evolving tactics employed by fraudsters and scammers to empower you with the knowledge needed to proactively counteract such risks.

Register for this webinar here.

Managing Money in the Metaverse

The integration of financial services in the metaverse presents a transformative use case with the potential to revolutionise the way we engage with and manage our finances. As virtual worlds and digital environments continue to expand, users are seeking seamless and secure methods to conduct transactions, invest, and manage their wealth within these digital ecosystems.

Financial services in the metaverse enable users to have a unified and immersive experience, with the ability to buy virtual assets, trade digital currencies, and even access traditional banking services, all while existing within a virtual space. This convergence of finance and the metaverse can also facilitate microtransactions, enabling users to engage in a wide range of economic activities, from purchasing virtual goods and services to participating in virtual real estate markets.

Register for this webinar here.

If you have any suggestions for further Thought Leadership topics, please send your thoughts to admin@acsa.com.au.

ASX Cash Equities Clearing and Settlement Advisory Group

The ASX has convened a Cash Equities Clearing and Settlement Advisory Group. The Advisory Group is a stakeholder forum for input to the Boards of ASX Clear and ASX Settlement on strategic matters related to cash equities clearing and settlement services and associated infrastructure. It operates alongside existing stakeholder forums, including the Business Committee and the CHESS Replacement Technical Committee.

In a recent letter, ASIC and the RBA set out the regulatory expectations for the Advisory Group, including that ASX Clear and ASX Settlement will not make any final decisions on key strategic clearing and settlement issues (including CHESS replacement) until the Advisory Group has had a reasonable opportunity to consider these issues. The Boards of ASX Clear and ASX Settlement provided a response to the regulatory agencies undertaking to comply with these expectations.

Role of the Advisory Group

The role of the Advisory Group is to:

• consider strategic matters related to cash equities clearing and settlement services and associated infrastructure, including the replacement of CHESS; and
• make recommendations to the boards of ASX Clear and ASX Settlement on strategic matters related to cash equities clearing and settlement services and associated infrastructure.

The Advisory Group is independently chaired by Alan Cameron AO and the members of the Advisory Group are:

• Alan Cameron AO (Independent Chair)
• David Braga
• Richard Burns
• David Ferrall
• Belinda Gibson
• Helen Lofthouse (CEO and Managing Director, ASX Limited)
• Marnie Reid
• David Travers
• Scott Webster
• Chris Williams

More information on the advisory group can be found here on the ASX website.

ATO – Certificates of residency requests

ACSA continues discussions with the ATO on the current processes and increasing numbers of requests for Certificates of Residency (COR) for Australian clients invested in offshore markets.

ACSA members hold securities and investments more than $4.5 trillion value in custody and under administration on behalf of its clients, including major Australian superannuation funds and managed investment funds, and have global operations teams responsible for submitting around 28,000 CORs for relief of $239 million in overseas tax for those clients. Accordingly, ACSA members place a major reliance on the ATO meeting its administrative obligations under Double Tax Agreements and tax legislation.

ACSA has highlighted to the ATO significant issues being experienced in the processing of Certificates of Residency (COR) and Certified Tax Relief forms for overseas tax relief requested by custodians on behalf of their Australian clients and provided recommendations for resolving them.

Please refer to the ATO website for further information on Certificate of Residency requests, and contact admin@acsa.com,au to be connected to the ACSA Tax Working Group if you require further information.

ACSA Video Learning Series

ACSA Video Learning Series has received over 400 downloads since it launched in September. The Video Learning series provides industry professionals with a platform to access insights, trends, and expert knowledge within the custodial and financial services sector.

For more information about the ACSA Video Learning Series please visit www.acsa.com.au/page/ResourcesandGuides

If you have any suggestions for further learning topics, please send your thoughts to admin@acsa.com.au

Global Insight – Operationalising T+1 in North America.

With 8 months remaining before the transition to T+1 settlement cycles in the USA and Canada, how, where and when is the industry preparing to remove a day from our trade processing? Led by DTCC and TMX, with the support of AFME, ASIFMA, EFAMA and ISITC, ValueExchange has completed a survey that sets out to explain how the world is preparing for T+1 today.

Building on the unique insights gained during their January 2023 survey, this new survey is intended to provide a picture of how the preparation journey is evolving - through practical, statistical insights. The survey summary includes the key statistical findings.

If you would like to view the findings you can do so here and if you would like to find our more you can contact ValueExchange at info@thevalueexchange.co

In Focus – Clare Belsten

Clare is Managing Director Head of Compliance, Institutional Services/Global Delivery – APAC, Head of Compliance Australia (SSBT Sydney Branch and State Street Australia Limited) at State Street. Clare is the Co-Chair of the ACSA Regulatory Compliance Working Group.

Clare has over two decades of compliance experience carried out from bases in London and Sydney, managing primarily US, UK and Australian regulatory compliance risks as well as risks arising from conduct in Singapore, Hong Kong, Korea, India, Taiwan and Japan.

Clare has held roles as Director, Company Secretary and as a designated Public Officer for registered companies in Australia.

Clare has extensive experience in dealing with regulators in Australia (ASIC, APRA, AUSTRAC & ASX), particularly in respect of handling regulatory inspections and investigations, reporting and resolving breaches, and employee and entity licensing matters.

Clare has a Degree BA (Hons) – University of Humberside, UK
Post Graduate Certificate in Applied Finance – Macquarie University , Governance Risk and Compliance Institute - Graduate Certificate in Compliance Management.

Quick fire five
Coffee or Tea? Tea – I’m British
Tik Tock, Instagram or Facebook? Facebook – As my kids would say its where all the parents go!
Pop, Rock or Rap? I like all music and am an avid concert goer – From TayTay to Pearl Jam to Eminem.
Cocktail or Wine? Can I say Gin and Tonic?
Summer or Winter? Winter. Summer is way too hot for me. My favourites are Autumn and Spring.

First of all congratulations on a very successful career, what have been your career highlights and what are you most proud of when you look back on your career?
Building relationships with key stakeholders across a myriad of businesses and companies. I love learning from others and the world of compliance is constantly evolving. No day is ever the same. During my career, I have been through mergers, offshoring and acquisitions, each bringing new challenges. Plus survived the fall out of the rogue trader at one of my previous organisations, which was the most “challenged” that I have been.

How did you first begin working in financial services/asset servicing?
By chance! I applied to the metropolitan police force after university, was waiting for a response and got a temporary role in financial services.

What was your first role in financial services and how did you end up in your current role?
I was in the Operations department of a large US bank in the UK, when it merged and my role transferred out of London. I had a ‘trial’ in compliance to see if I liked it - 25+ years on and I still like it.


You’ve been involved with ACSA for a while now, tell us about that experience and the value ACSA brings to the industry.
As businesses, clients and regulations become more complex, the value of industry bodies such ASCA increase. The industry looks to have consistency and best practice for regulated entities, clients and the regulators. Better outcomes for all.

What advice would you give to the younger professionals the industry?
Network, enjoy collaboration and go outside of your comfort zone – That is where you learn the most.