The corporate regulator has announced that all managed discretionary account providers must now have an AFSL with an MDA-specific ‘dealing by issue’ licence authorisation.
From 1 October, MDA providers who do not have the required AFSL authorisations must cease providing MDAs until they have obtained those authorisations, ASIC said in a statement.
ASIC gave notice of the revised AFSL requirements in September 2016.
“Since then, 59 AFS licensees have applied for authorisation to operate as an MDA provider to transition and there are 244 licensees who have an MDA-specific ‘dealing by issue’ authorisation,” ASIC said.
“ASIC will undertake reviews to check that MDA providers hold the relevant AFS licence authorisations and will take action if unlicensed activity is identified.”
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