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ASIC issues simplified legislative instrument for platform operators

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ASIC has made a new legislative instrument for operators of investor directed portfolio services (IDPS) and IDPS-like schemes. This reflects our commitment to simplifying complex ASIC instruments.

ASIC Corporations (Platforms—IDPSs and IDPS-like Schemes) Instrument 2026/395 replaces the relief under:

To simplify the instruments, we have:

  • consolidated the instruments so that ASIC’s main relief for platforms is centralised and easy to find
  • removed and updated requirements, including replacing quarterly reporting with electronic access to account information, giving investors timely access to their investment details, and
  • improved and simplified the structure and language.

ASIC consulted on the proposed simplification of the platform instruments (as part of a pilot legislative instrument simplification initiative) in Report 813 Regulatory Simplification (REP 813), in September 2025, and received positive feedback in support of our approach. We undertook further targeted consultation on the instrument before finalising it.

We will update our guidance in Regulatory Guide 148 Platforms that are managed investment schemes and nominee and custody services (RG 148) to reflect the new instrument in the coming months.

Background

Platforms are services that investors can use to select, hold and manage investments in one place, with consolidated reporting.

ASIC Instrument 2023/668 provided relief to responsible entities of IDPS-like schemes from managed investment scheme, fundraising, financial reporting, and disclosure requirements under the Corporations Act 2001 (Corporations Act).

ASIC Instrument 2023/669 provided relief to operators of IDPSs from the requirement to register the IDPS as a managed investment scheme, and the financial product disclosure, hawking and fundraising provisions of the Corporations Act.

ASIC is Australia’s corporate, markets and financial services regulator.