ASIC today released a report into custodial and depository services in Australia following a review of the industry, identifying a number of key risks to the safety of client assets and recommending some matters of ‘good practice’ that custodians and responsible entities may need to consider, including (i) unauthorised debiting of omnibus accounts; (ii) stability and safety of IT systems; (iii) operational risks created by manual and disparate systems; (iv) whistleblowing culture and framework; (v) reporting in relation to suspicious third party valuations; (vi) breach reporting relating to custodial and investment administration services, and (vii) the risks inherent in corporate actions such as share buy-backs and rights issues For each aforementioned issue, ASIC has highlighted key aspects of ‘good practice’ - in line with its current regulatory guidance.