In 2013, ASIC updated its policy and guidance in relation to custody, including holding scheme property, in Regulatory Guide 133 Managed investments and custodial or depository services: Holding assets (RG 133).See our earlier article for more information. 1
These reforms, including the increased minimum standards for asset holders and minimum content requirements for custodian agreements, were phased in on a staged implementation basis, as set out in table 1 to RG 133.
The final transition period expires on 1 November 2015.
From this date responsible entities, IDPS and MDA operators and custodians will need to ensure that their arrangements for holding assets, including their custody agreements, comply with the updated policy.
What does this mean for me?
If you are a responsible entity, an IDPS or MDA operator or a custodian and you have been waiting until the last possible time to implement your RG 133 change, time’s up!
You need to review and update your custodial arrangements and compliance now in order to be ready for the expiry of this final transition phase on 1 November 2015.