The Australian Securities and Investments Commission (ASIC) on Friday released an updated version of Regulatory Guide 148: ‘Platforms that are managed investment schemes’(RG148), which will require platform operators to put systems in place that comply with the ‘opt-in’ component of FOFA.
In addition, platform operators must ensure they have adequate resources to conduct their business – along with appropriate corporate structures and compliance arrangements.
Platform operators will also be required to put voting policies in place, as well as improved disclosure through a consumer warning acknowledgement.
ASIC commissioner Greg Tanzer said consumer rights “must be at the forefront of platform operators’ minds” – particularly given consumers are taking a more “hands on” approach to investing.
“Consumers may assume that products on a platform are ultimately going to work for their benefit. ASIC wants to ensure they make confident, informed choices and are aware of platform operators’ practices,” he said.
The updated regulatory guide is available here.
