In a statement, Treasury said it had opted to amend the DDO framework in response to industry feedback in order to “achieve its intended operation of these reforms”.
The proposed amendments clarify that a range of product types are exempt from the DDO obligations, including margin loans to corporates, foreign cash that is settled immediately, and non-cash payment facilities such as credit and debit card facilities.
The amendments also clarify that employees of licensees are not subject to their own separate set of DDO obligations, and that 31-day term deposits are included in the regime.
In addition, they ensure that current retail and wholesale investor definitions will also be applied to the DDO framework.
Treasury said ASIC would provide temporary relief giving effect to the government’s policy intention for the changes until the legislative amendments were passed.
“Treasury will continue to engage with stakeholders leading up to the 5 October 2021 commencement and will consult with industry on the legislative amendments in due course,” the statement said.
At last, some coordinated cooperation amongst the plethora of associations representing “pockets” of our industry…..