ASIC issues simplified legislative instrument for platform operators

On 7 July 2026, the Australian Securities and Investments Commission (ASIC) issued a new legislative instrument for operators of investor directed portfolio services (IDPS) and IDPS-like schemes.

Background

The new legislative instrument follows an earlier consultation that ASIC conducted on the proposed simplification of the platform instruments in Report 813 Regulatory Simplification. The purpose of the new instrument is to consolidate the relevant existing instruments so that ASIC’s main relief for platforms is centralised and easy to find and that the requirements are updated (for example quarterly reporting is replaced with electronic access to account information).

New instrument

ASIC Corporations (Platforms—IDPSs and IDPS-like Schemes) Instrument 2026/395 replaces the relief under:

• ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668 (ASIC Instrument 2023/668); and

• ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (ASIC Instrument 2023/669).

Next steps

ASIC will also update Regulatory Guide 148 Platforms that are managed investment schemes and nominee and custody services (RG 148) to reflect the new instrument in the coming months.