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ARTICLE · 16 APRIL 2018

Deadline is fast approaching for MDA service providers!

Holley Nethercote
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As of 1 October 2018, advisers who wish to continue to provide MDA services will need to apply for a licence variation.

AustraliaFinance and Banking
David Court
David Court
Frank Varga
Frank Varga
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If your business operates a Managed Discretionary Account (MDA) service through a regulated platform and has been relying on the "no-action" letter, this is a reminder that changes are happening and with little time remaining.

ASIC's 2016 amendments to its Managed Discretionary Accounts policy included the removal of its no-action letter position for those advisers who provided an MDA on a regulated platform holding a limited power of attorney. Many advisers took advantage of this no-action letter as it meant no licence variation was required. However, as of 1 October 2018, those advisers who wish to continue to provide MDA services will need to apply for a licence variation to include this authorisation.

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