AUSTRALIA: ASIC Releases New Instrument for Nominee and Custody Services and Amends Platforms Class Orders

Thursday December 15 2016

Following public consultation, ASIC has released a new legislative instrument on nominee and custody services, replacing the class order due to expire on 1 April 2017.

ASIC also released an amending instrument updating two class orders, one for investor directed portfolio services (IDPS) and one for IDPS-like schemes (together, referred to as platforms).

ASIC has replaced Class Order [CO 02/295] with the new legislative instrument ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156. Class Order [CO 02/295] has been repealed by ASIC Corporations (Repeal) Instrument 2016/1157.

ASIC has updated the following class orders in ASIC Corporations (Amendment) Instrument 2016/1158:

• Class Order [CO 13/763] Investor directed portfolio services
• Class Order [CO 13/762] Investor directed portfolio services provided through a registered managed investment scheme

ASIC have also updated Regulatory Guide 148 Platforms that are managed investment schemes and nominee and custody services, as well as reflecting the terms of the new legislative instrument. RG 149 Nominee and custody services will be revoked.

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