The who, what and where of ASIC’s changes to managed discretionary account regulation

After several years of consultation, ASIC has finally released its new policy in relation to the provision of Managed Discretionary Account (“MDA”) services.

ASIC has replaced Class Order [CO 04/194] Managed Discretionary Accounts (“the Class Order”) with ASIC Corporations (Managed Discretionary Accounts) Instrument 2016/968 (“the Instrument”), and also issued a revised Regulatory Guide 179: Managed discretionary accounts (“RG 179”).

So, what does this mean for MDA Operators and MDA Advisers?

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Source: Helley Nethercote