Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p32
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 32/34)
Character Range: 96823–99748

the superannuation entity.
              sub-custodian a person that a custodian directly or indirectly engages to hold client portfolio assets or a beneficial interest in those assets.
              transaction reports means, in relation to a transaction effected through:
                  (a) an IDPS—quarterly reports and annual investor statements for the IDPS; and
                  (b) an IDPS-like scheme—quarterly reports and annual investor statements for the IDPS-like scheme; and
                  (c) a superannuation entity—periodic statements given by the trustee of the superannuation entity under section 1017D.".

Part 4—Transitional

16 Arrangements for transitioning MDA services
(1) Sections 5 to 15 do not apply in relation to a transitioning MDA service until the earlier of the following (application date):
           (a) the MDA provider and external MDA custodian (if any) in relation to the MDA service each having published a notice on its website that it will rely on this instrument in relation to the MDA service;
           (b) 1 October 2017.
            Note:  A notice under paragraph (a) cannot be revoked.
(2) ASIC Class Order [CO 04/194] continues to apply, despite its repeal, in relation to a transitioning MDA service until the application date.
(3) Until 1 October 2017, Part 7.6 of the Act (other than Divisions 4 and 8) applies in relation to the MDA provider and external MDA custodian (if any) of a transitioning MDA service as if the provisions of that Part were modified or varied by inserting after section 912AG (as notionally inserted by this instrument):

           "912AGA Notice of reliance

              (1) If the application date for a MDA service occurs before 1 October 2017, the MDA provider and external MDA custodian (if any) in relation to the MDA service must publish and maintain on its website a notice that it will rely on ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 in relation to the MDA service.
(2) A term that is used in this section and that is defined in the ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 has the same meaning in this section as it has in that instrument. ".
(4) In this section and in section 17, transitioning MDA service means a MDA service, the MDA provider for which has an Australian financial services licence that has a condition requiring compliance with ASIC Class Order [CO 04/194] or a part of that class order.

17 Licensing exemption for certain MDA providers
(1) A MDA provider for a transitioning MDA service does not have to comply with subsection 911A(1) of the Act to the extent that it requires the MDA provider to hold an Australian financial services licence covering dealing by issuing:
(a) interests in managed investment schemes limited to a right to receive MDA services; or
(b) miscellaneous financial investment products limited to a