On 1 October, ASIC stated that all managed discretionary account (MDA) providers that from 1 October 2018 AFSL with an MDA-specific ‘dealing by issue licence authorisation.

MDAs are also known in the industry as separately managed accounts, individually managed accounts, investment advisory programs or managed discretionary portfolio services.

ASIC stated that it gave notice of the revised AFSL requirements in September 2016 and that it intends to undertake reviews to check that MDA providers hold the relevant AFSL authorisations and will take action if any unlicensed activity is identified.