On 30 September 2026, the Australian Securities and Investments Commission (ASIC) issued ASIC Corporations (Managed Discretionary Account Services) Instrument 2026/720 which replaces ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968.
ASIC Instrument 2026/720 does not substantively change the terms of the relief for managed discretionary account (MDA) providers and external MDA custodians as was previously set out in ASIC Instrument 2016/968. Instead it makes certain minor adjustments including:
- Moving some financial services guide content requirements to into the investment program.
- Amending the timeframe for notifying ASIC of non-compliance from 10 days to 30 days, along with changing the information required from full details of the non-compliance to its material details.
- Phasing out quarterly reporting with electronic access to account information to better reflect industry practice, giving investors timely access to their investment details.
ASIC has also updated its guidance in Regulatory Guide 179 Managed discretionary accounts (RG 179) to reflect the new instrument and adjustments made.
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