Document ID: chunk:federal_register_of_legislation:F2023C00928:reg:8:p2
Version: federal_register_of_legislation:F2023C00928
Segment Type: reg
Provision Reference: reg 8 (pt 2/4)
Character Range: 4896–7807

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 instrument).
market participant means a participant in a licensed market.
MDA contract means a written contract between a MDA provider and a person as a retail client setting out the terms and conditions on which the MDA provider provides a MDA service to the person.

       MDA provider means a person who holds an Australian financial services licence that authorises:
           (a) dealing by way of issue in either or both of:
(i) interests in managed investment schemes that are limited to a right to receive MDA services; and
(ii) miscellaneous financial investment products that are limited to a right to receive MDA services; and
           (b) dealing in all the financial products that may be acquired with client portfolio assets under the MDA contract; and
           (c) except where an external MDA adviser has contracted directly with each retail client to whom the MDA provider provides MDA services to provide financial product advice relating to the investment program—providing personal advice to people as retail clients in relation to the MDA; and
           (d) except where an external MDA custodian has contracted directly with each retail client to whom the MDA provider provides MDA services to hold each client portfolio asset that is a financial product or a beneficial interest in a financial product—providing custodial or depository services,
           in relation to those client portfolio assets.
Note: The licence may authorise dealings in other interests in managed investment schemes or miscellaneous financial investment products.

       MDA service means a service provided by a MDA provider with the following features:

           (a) a person (client) makes client contributions; and
           (b) the client agrees with the MDA provider that the client portfolio assets will:
(i) be managed by the MDA provider at its discretion, subject to any limitation that may be agreed, for purposes that include investment; and
(ii) be held legally or beneficially by the client; and
           (c) the client or the MDA provider intend that that the MDA provider will use client contributions of the client to generate a financial return or other benefit for the client (even if no such benefit is in fact generated).

       miscellaneous financial investment product means a facility:

           (a)  through which, or through the acquisition of which, a person makes a financial investment as defined in section 763B of the Act; and

           (b)  that is not otherwise a financial product under section 764A of the Act.

       non-adult child means a child who is under 18 years of age and without limiting who is