Released 23 March 2026. Comments close 28 April 2026.
We propose to remake ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 (ASIC Instrument 2016/968), due to expire on 1 October 2026.
We are seeking feedback on whether ASIC Instrument 2016/968 should:
- be extended for a further period, and
- if so, have any substantive and/or simplification changes made to the policy settings and terms of the relief set out in the Instrument.
ASIC Instrument 2016/968 provides conditional relief from the managed investments provisions in Chapter 5C, and the product disclosure provisions in Chapter 6D and in Part 7.9 of the Corporations Act 2001.
Conditional relief would apply to managed discretionary account (MDA) providers and external MDA custodians: see Regulatory Guide 179 Managed discretionary accounts (RG 179).
ASIC Instrument 2016/968 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.
A consultation paper was not issued for this consultation.
Providing feedback
We invite feedback on our proposal. You should send your submission to IM.sunsettingconsultation@asic.gov.au by 5 pm (AEST) on Tuesday, 28 April 2026.
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Background
Under an MDA, a client’s portfolio assets are managed on an individual basis at the MDA provider's discretion.
Under the current financial services regulatory regime, MDA providers and external MDA custodians are subject to managed investment scheme provisions and certain disclosure requirements in the Corporations Act.
ASIC Instrument 2016/968 has provided relief from regulatory requirements to MDA providers, such as scheme registration requirements and various fundraising and disclosure requirements. This is because MDA providers have more limited functions than responsible entities of registered schemes.