Key Points:
ASIC proposes to treat IDPSs and IDPS-like schemes
similarly where there is no regulatory basis for different
treatment.
The Australian Securities and Investments Commission (ASIC) is
revisiting its regulation of platforms — which include
both investor directed portfolio services (IDPS) and IDPS-like
schemes — with the release of Consultation Paper 176:
Review of ASIC policy on platforms: Update to RG 148 (CP 176).
ASIC states that it is reviewing platforms, in light of the
growth in the platform sector, as well as the developing and
expanding nature of platforms, via a trend towards new forms of
vertical integration between parties in the
product–distribution chain. According to ASIC, dealer
groups are also increasingly restructuring their operations to
become platform operators.
