The Financial Services Council has released an updated template Target Market Determination for fund managers.

The refreshed TMD template intends to complement other FSC products that assist with Design and Distribution Obligation compliance and reduce industry costs, including DDO data standards, FSC guidance on implementing the DDO in investment portfolios, and an FSC standard questionnaire for DDO-related due diligence for product distributors.

The templated, which is free for FSC members, was the result of member and regulator consultation.

The updated template seeks to help the industry address ASIC’s concerns with initial DDO regime compliance.

Changes in the template will help fund managers address the issues raised by ASIC through DDO enforcement actions and in their recently released ‘Report 762: Design and distribution obligations: Investment products’.