trigger when a new member is created

If I put my custom code in the middle there, this will trigger when a new member is created? and "$instance" will give me that new users registration info?

// define the ms_model_member_create_new_user callback
function action_ms_model_member_create_new_user( $instance ) {
// make action magic happen here...
}; 

// add the action
add_action( 'ms_model_member_create_new_user', 'action_ms_model_member_create_new_user', 10, 1 );