meta_id 2994146

On [date of publication], the Australian Securities and Investments Commission (ASIC) opened consultation on proposed changes to ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968, which is due to expire on 1 October 2026. ASIC is seeking feedback on whether the instrument should be extended for a further period and whether any substantive or simplification changes should be made to the policy settings and terms of relief. ASIC Instrument 2016/968 provides conditional relief from the managed investments provisions in Chapter 5C, and the product disclosure provisions in Chapter 6D and Part 7.9 of the Corporations Act 2001. The relief applies to managed discretionary account (MDA) providers and external MDA custodians. The instrument also modifies the financial services disclosure provisions in Chapter 7.7 of the Corporations Act to provide conditional relief in relation to statements of advice and financial services guides for MDA services. Under an MDA arrangement, a client's portfolio assets are managed on an individual basis at the MDA provider's discretion. ASIC Instrument 2016/968 has provided relief from regulatory requirements including scheme registration requirements and various fundraising and disclosure requirements, recognising that MDA providers have more limited functions than responsible entities of registered schemes. Stakeholders must submit responses by 5 pm (Australian Eastern Standard Time) on Tuesday, 28 April 2026 to IM.sunsettingconsultation@asic.gov.au. Further information is available in ASIC's consultation paper CS 47 and Regulatory Guide 179 Managed Discretionary Accounts.