Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p25
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 25/34)
Character Range: 77523–80567

licensee or an external MDA adviser has been given to the person; and
                         (B) that a copy of the Statement of Advice is available from the licensee free of charge on request; and
                         (C) of the basis for the advice in the Statement of Advice; and
                  (e) if the Statement of Advice referred to in subparagraphs (d)(i) or (ii) includes advice that the MDA contract for the person is not suitable for the person's relevant personal circumstances, whether and if so how and when changes to the MDA contract have been made or if not whether the licensee offers to make them and if so whether the advice states that those changes would have made the MDA contract suitable.
              (5) An auditor providing an opinion or statement required by paragraph (4)(b) may, if a report under paragraph (4)(c) contains the opinion that the internal controls and other procedures of an external MDA custodian are as stated in paragraph (4)(c), assume that those internal controls and other procedures are as stated in paragraph (4)(c) unless the auditor is aware that is not true.
              (6) Paragraph (1)(a) and paragraphs (4)(a) and (b) do not apply if:
                  (a) all transactions effected under the MDA services provided to the person are effected by the licensee giving instructions to a regulated platform operator and all the client portfolio assets are held through one or more regulated platforms under a custodial arrangement between the regulated platform operator and the licensee or the person; and
                  (b) either:
                     (i) transaction reports for the transactions have been or will be given to the person or the licensee by the regulated platform operator; or
                     (ii) for a regulated platform that is an IDPS or IDPS-like scheme—electronic access to the following information has been made available to the client or the licensee by the regulated platform operator on a substantially continuous basis:
                         (A) for an IDPS—the information referred to in subsection 912AD(30) (as notionally inserted by ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669); and
                         (B) for an IDPS-like scheme—the information referred to in subsection 1013DAB(12) (as notionally inserted by ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668); and
                  (c) if the transaction reports are given to the licensee, the licensee gives the reports to the client as soon as reasonably practicable; and
                  (d) as soon as reasonably practicable after a transaction report is given by the regulated platform operator or the client to the licensee, the licensee reviews the report and notifies the client in writing of any error or omission in the report relating to any transaction, asset or liability, or the absence of any transaction, asset or liability, in the report