The Australian Securities & Investments Commission has remade regulatory relief for managed discretionary account providers and external custodians, replacing an instrument due to expire on Oct. 1, 2026. The new instrument continues relief from scheme registration and certain fundraising and disclosure requirements without substantive changes, reflecting the more limited functions of MDA providers compared with responsible entities of registered schemes. The adjustments move some financial services guide content into the investment program, extend the deadline for notifying ASIC of noncompliance from 10 to 30 days and require material rather than full details of the breach. They also phase out quarterly reporting in favor of electronic access to account information, paralleling ASIC’s recent shift to electronic reporting access for investment platforms. ASIC has updated Regulatory Guide 179 to reflect the replacement instrument and revised requirements.
Australian Securities & Investments Commission remakes MDA relief with updated disclosure, breach notification and reporting terms
The Australian Securities & Investments Commission has remade relief for managed discretionary account providers and external custodians without substantive changes. Adjustments extend the noncompliance notification period from 10 to 30 days, revise disclosure requirements and phase out quarterly reporting in favor of electronic access to account information.