Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p1
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 1/4)
Character Range: 2168–5140

8  Conditions
9 Issue of client portfolio assets
10 Conditions
11 Exemption – Securities offers
12 Conditions
13 Market participants who provide MDA services to family members only
14 Conditions
Part 3—Declaration
15 Requirements for the provision of MDA services
Part 4—Transitional
16 Arrangements for transitioning MDA services
17 Licensing exemption for certain MDA providers
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968.

3 Authority
This instrument is made under subsections 601QA(1), 741(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of Corporations Act 2001.

4 Definitions
In this instrument:
           Act means the Corporations Act 2001.

       client in relation to a MDA provider means a person who enters into an agreement with the provider for the provision of MDA services.

       client contributions means contributions of money or money's worth made by a client by either:
           (a) paying or giving ownership of property to the MDA provider or an external MDA custodian; or
           (b) giving the MDA provider or an external MDA custodian power to undertake transactions relating to property through a power of attorney, an arrangement for the MDA provider or an external MDA custodian to be a signatory on an account of the client or otherwise.

       client portfolio assets means, in relation to a client, financial products, money or other property that is:
           (a) client contributions of the client; or
           (b) borrowed or raised for the purposes of the MDA service provided to the client; or
           (c) derived directly or indirectly from financial products, money or other property referred to in paragraph (a) or (b).

       external MDA adviser means a financial services licensee who:
(a) is authorised to provide financial product advice to a person as a retail client; and

(b)  directly contracts with a person as a retail client to prepare or review an investment program where:
(i) the investment program is, or is intended to be, included in a MDA contract; and
(ii) the MDA contract is between the person and another person, who is a MDA provider.
           external MDA custodian means a financial services licensee who:
           (a) is authorised to provide custodial or depository services and to deal on behalf of people as retail clients; and
           (b) directly contracts with a person as a retail client to provide custodial or depository services for MDA services provided to the person by another person who is a MDA provider.

       family member in relation to a person means a spouse or a non-adult child of the person.

       investment program has the same meaning as in subsection 912AEB(4) of the Act (as notionally inserted by section 15 of this