Section “912AD Requirements for the operation of - ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 - “912AD Requirements for the operation of an IDPS

“912AD Requirements for the operation of an IDPS

This section applies to a financial services licensee that holds an Australian financial services licence authorising it to operate an IDPS.

  IDPS Guide

  The licensee must, before entering into an IDPS contract with a person as a retail client, give the person an IDPS Guide.
  The information included in the IDPS Guide must be worded and presented in a clear, concise and effective manner.
  Subject to subsections (7) and (10), an IDPS Guide must include all information a person would reasonably require for the purpose of making a decision, as a retail client, whether to become a client of the IDPS, including such information that the person would reasonably require to:

  (a) understand the nature of the IDPS being offered and any risks associated with participation in the IDPS; and
  (b) identify the operators and custodians and the nature of their responsibilities and relationships; and
  (c) understand the method and extent of all charges associated with the IDPS, including any right of the operator or any other person to recoup expenses from a client’s assets; and
  (d) understand any differences between the rights of a holder of accessible investments and the rights of a client of the IDPS in respect of accessible investments, including information on:
  (i) cooling-off rights; and
  (ii) voting rights; and
  (iii) withdrawal rights under section 724 and section 1016E in relation to accessible securities and accessible financial products; and

  (e) understand the consequences for a client if at any time the client has not engaged a person, or a person meeting particular requirements, to provide:
  (i) financial product advice to the client in relation to the IDPS; or
  (ii) instructions to the licensee or another operator in relation to accessible investments;
  including the ability of the client in such circumstances to:
  (iii) provide instructions in relation to accessible investments; and
  (iv) continue to be a client of the IDPS; and
  (f) understand how and to whom a client may make a complaint in relation to:
  (i) the operation of the IDPS; and
  (ii) accessible financial products held through the IDPS; and
  (iii) financial product advice provided to the client in relation to the IDPS that is not provided by or on behalf of the licensee or another operator; and
  (g) understand clients’ rights to disclosure in relation to accessible investments including that a client will have the right to elect to receive copies of communications sent to holders of accessible investments, including those communications which the holder may elect to receive; and
  (h) how the licensee or, if applicable, any other operator, will determine what financial products, securities or other investments are or will be available as accessible investments for the IDPS, including the processes applied and the factors considered for that purpose.
  (5) Subject to subsection (10), an IDPS Guide must also include:
  (a) a statement that copies of the following policies in relation to the IDPS are available free of charge on request:
  (i) the IDPS voting policy; and
  (ii) the policy on the consequences for a client in the circumstances referred to in paragraph (4)(e); and
  (b) a statement that a separate document specifying the accessible investments for the IDPS will be provided on request free of charge, if the IDPS Guide does not specify these investments; and
  (c) statements to the effect that:
  (i) the total fees and charges payable by a client will include the costs of the IDPS as well as the cost of any accessible investments chosen by the client; and
  (ii) it is important that the client understand the fees of any accessible investments chosen by the client and that those fees will be in addition to the fees charged for the IDPS, together with transaction and account costs incurred on behalf of the client; and
  (iii) the costs of the accessible investments chosen by the client will generally be set out in a disclosure document or Product Disclosure Statement for the accessible investments; and
  (d) examples, based on estimates, of the total of fees, charges and expenses of the IDPS and the accessible securities and accessible financial products that may be acquired through the IDPS that satisfy the requirements of subsection (6); and
  (e) information about fees and costs in relation to the IDPS that complies with Part 2 of Schedule 10 of the Corporations Regulations 2001 as if:
  (i) an interest in the IDPS were a managed investment product; and
  (ii) the IDPS Guide were a Product Disclosure Statement for a managed investment product;
  except that the costs incurred for accessible investments are not required to be included as management fees and costs, performance fees or transaction costs.

  The examples referred to in paragraph (5)(d):

  (a) must express the total estimate of fees, charges and expenses as a proportion of the total price paid in acquiring the accessible securities and accessible financial products through the IDPS; and
  (b) must be examples that the licensee has reasonable grounds for believing are based on estimates of the fees, charges and expenses that are within the range typically charged for accessible securities and accessible financial products of the relevant kind; and
  (c) must cover a range of accessible securities and accessible financial products that may be acquired through the IDPS; and
  (d) need not refer to actual or identified accessible securities or accessible financial products.
  (7) An IDPS Guide does not need to include:
  (a) information in relation to actual or identified accessible investments; or
  (b) information (excluded information) that would otherwise need to be included under subsection (4) if the information is in writing and is publicly available in a document other than the IDPS Guide, provided the IDPS Guide:
  (i) refers to the information; and
  (ii) provides sufficient details about the information to enable a person to identify by a unique identifier the document or part of the document containing the information and to locate the information and decide whether to read or obtain a copy of it; and
  (iii) states that the information can be obtained from the licensee on request free of charge; and
  (iv) contains the following information:

  if the excluded information is information about any significant benefits to which a person will or may become entitled under the IDPS or any other significant characteristics or features of the IDPS or of the rights, terms, conditions and obligations arising under the IDPS—a summary of that excluded information;

  (B) if the excluded information is information about any significant risks associated with the IDPS—a description, in summary, of the key risks of the IDPS;
  (C) the name and contact details of each operator of the IDPS;
  (D) the information required by paragraphs (4)(d) to (h) and subsection (5).
  (8) The licensee must give, as soon as practicable and at no charge, a copy of any excluded information that the licensee has not included in the IDPS Guide, if requested by a client or prospective client.
  Provision of IDPS Guide
  (9) Subject to subsection (10), the licensee must not give a person an IDPS Guide for the purposes of subsection (2) once the licensee becomes aware that:
  (a) a material change has occurred to the information in it; or
  (b) it has become misleading or deceptive or likely to mislead or deceive.
  (10) If:
  (a) the licensee has prepared an IDPS Guide (existing IDPS Guide) that met the requirements of subsections (4) to (6) when it was prepared; and
  (b) a new circumstance has arisen since the existing IDPS Guide was prepared that means that it no longer meets the requirements of those subsections;
  the licensee may continue to satisfy its obligation under subsection (2) to give an IDPS Guide to a person by using the existing IDPS Guide if and only if:
  (c) the updated information that would be required to be included in a new IDPS Guide is not materially adverse from the point of view of a reasonable person as a retail client of the IDPS; and
  (d) the existing IDPS Guide clearly and prominently:
  (i) explains that information that is not materially adverse information is subject to change from time to time and may be updated by the means described in the IDPS Guide; and
  Note: For example, information that is not materially adverse may be provided through a website.
  (ii) explains how that updated information can be obtained at any time; and
  (iii) states that a copy of any updated information will be given to a person without charge on request; and
  (e) the licensee has taken reasonable steps to:
  (i) establish and maintain a means by which a person may obtain any updated information, being means that are simple and involve no charge and minimal inconvenience to the person, having regard to the kinds of persons likely to consider becoming a client of the IDPS (including arrangements whereby a person is given a paper copy of the updated information without charge on request); and
  (ii) make available any updated information as soon as practicable to each regulated person to whom the IDPS Guide has been provided for further distribution.
  IDPS Guide may comprise more than one document
  (11) An IDPS Guide may comprise more than one document (other than a Supplementary IDPS Guide) provided:
  (a) where the IDPS Guide is given to a person for the purposes of subsection (2), each document is given to the person at the same time; and
  (b) each document refers to each other document.
  Note: Even where a Supplementary IDPS Guide is given at the same time as an IDPS Guide that consists of more than one document, it is not treated as one of those documents. A Supplementary IDPS Guide is required to meet the specific identification requirements in subsections (15) and (16).
  (12) If there are or may be different versions of a document forming part of an IDPS Guide, the reference required by paragraph (11)(b) does not have to identify any particular one of those versions and may instead identify the document generically.
  (13) At the beginning of each document that is, or forms part of, an IDPS Guide, there must be a statement that it is, or forms part of, an IDPS Guide.
  Supplementary IDPS Guide
  (14) A Supplementary IDPS Guide is a document by which a person who has prepared an IDPS Guide can:
  (a) correct a misleading or deceptive statement in the IDPS Guide; or
  (b) correct an omission from the IDPS Guide of information required to be contained in the IDPS Guide; or
  (c) update the information contained in the IDPS Guide.
  (15) At the beginning of a Supplementary IDPS Guide, there must be:
  (a) a statement that it is a Supplementary IDPS Guide; and
  (b) an identification of the IDPS Guide that it supplements; and
  (c) a statement that it is to be read together with that IDPS Guide and any other specified Supplementary IDPS Guides.
  (16) A Supplementary IDPS Guide must be dated with the date on which the Supplementary IDPS Guide was prepared or the preparation was completed.
  (17) If:
  (a) a person is given an IDPS Guide; and
  (b) at the same time, or later, they are given a Supplementary IDPS Guide that supplements the IDPS Guide;
  the IDPS Guide is taken, from when the Supplementary IDPS Guide is given to the person, to include the information and statements contained in the Supplementary IDPS Guide.
  (18) The licensee must keep a copy of each version of the IDPS Guide and any Supplementary IDPS Guide for at least seven years after it ceases to be used.
  Entry into IDPS contract
  (19) The licensee must not enter into an IDPS contract with a person as a retail client unless:
  (a) the contract contains a prominent warning that:
  (i) identifies the key areas of difference between acquiring a financial product directly and through the IDPS, including any differences in respect of the rights referred to in paragraph (4)(d); and
  (ii) if applicable, that a client of the IDPS may be adversely affected if the client has not engaged a person, or a person meeting particular requirements, to provide financial product advice to the client or provide instructions on behalf of the client in relation to accessible investments; and
  (b) the contract contains cross-references (including page or paragraph references where applicable) to where further information on the matters mentioned in subparagraph (a)(i) and if applicable (a)(ii) can be located in the IDPS Guide; and
  (c) in the case of:
  (i) a contract that is entered into electronically—the part of the facility that allows the person to enter into the contract contains a prominent statement; and
  (ii) otherwise—the contract requires the person entering into the contract to sign an acknowledgement;
  to the effect that the person entering into the contract acknowledges the matters contained in the warning.
  Performance of obligations
  (20) The licensee must perform its obligations under each IDPS contract and this section honestly and with reasonably care and diligence.
  Compensation
  (21) The licensee must compensate clients in relation to the functions that the licensee has contracted to perform, for acts and omissions of any of its agents engaged to perform those functions or functions connected with the performance of those functions (including transactional functions), as if they were the acts or omissions of the licensee.
  Investments held on trust
  (22) The licensee must do all things necessary to ensure that all IDPS property held by:
  (a) the licensee is held on trust for the relevant client or clients of the IDPS; or
  (b) a person the licensee directly or indirectly engages is held in a way so that the relevant client or clients of the IDPS have a beneficial interest in the IDPS property (whether directly or indirectly);
  Note: This requirement could be satisfied by a custodian holding IDPS property on trust for the licensee and the licensee holding the beneficial interest in that property on trust for the relevant client or clients of the IDPS.
  unless the IDPS property is held under Division 2 or 4 of Part 7.8 or either of the following apply:
  (c) both of the following apply:
  (i) the IDPS property is located in a place outside of this jurisdiction where trusts are not known to the law;
  (ii) it is reasonable for the IDPS property to be held in accordance with the law in that place; or
  (d) both of the following apply:
  (i) the IDPS property is located in a place outside of this jurisdiction and it is not reasonable for the property to be held on trust in accordance with the law in that place;
  (ii) the licensee has documented in writing that:
  (A) it is satisfied that the property is held in a manner that, having regard to the relevant laws, provides reasonably effective protection in case of insolvency of the person holding the property; and
  (B) the basis on which the licensee is satisfied.
  Passing on communications from underlying issuers
  (23) The licensee must give to a client on request a copy of all communications that are required by law to be given to the holder of an accessible investment (including communications that are required to be given on request) where that accessible investment is required to be held on trust for the client by the licensee or a custodian acting on its behalf.
  (24) A client may make a request under subsection (23) in relation to a particular communication or make a standing request in relation to a class of communications. The licensee must provide the information as soon as practicable after the information is received or otherwise becomes available to be provided to the client.
  Acquisition of accessible investments that are interests in unregistered scheme
  (25) The licensee must not, and must ensure that any custodian acting on its behalf does not, acquire accessible investments for a client as part of the IDPS that are:
  (a) interests in a managed investment scheme that is not a registered scheme; or
  (b) interests in a scheme that would be a managed investment scheme but for paragraph (e) of the definition of managed investment scheme in section 9;
  unless the licensee reasonably believes that:
  (c) had the client invested directly in the scheme, the scheme would not have been required to have been registered; and
  (d) had all interests in the scheme held in custodial arrangements been held by the clients (as defined in section 1012IA) of those arrangements, the scheme would not have been required to be registered.
  Note: Under section 601ED, a managed investment scheme does not generally need to be registered if it has no more than 20 members. If interests held through custodial arrangements such as IDPSs, IDPS-like schemes and nominee and custody services had been acquired directly, the scheme may have required registration as it may have had more than 20 members.
  Acquisitions under direction from client
  (26) The licensee must not, and must ensure that any custodian acting on its behalf does not, acquire accessible securities for a client under a direction of a client as part of the IDPS unless:
  (a) in relation to acquisitions of accessible securities:
  (i) for an acquisition of shares resulting from a CSF offer—subsection (26H) is satisfied; and
  (ii) otherwise—subsection (26A) or (26E) is satisfied; and
  (b) in relation to acquisitions of accessible financial products:
  (i) subsection (26B), (26C), (26D), (26E) or (26F) is satisfied; and
  (ii) subsection (26G) is satisfied.
  (26A) This subsection is satisfied if:
  (a) both of the following are satisfied:
  (i) the licensee reasonably believes that the client has been given a copy of the disclosure document for the accessible securities that would have been required had the accessible securities been offered to the client directly at the time of the acquisition of the accessible securities;
  (ii) the licensee has no reason to believe that the disclosure document is defective as if it were prepared at that time; or
  (b) the licensee reasonably believes that the accessible securities could lawfully have been offered and issued or sold, as the case may be, to the client directly without the client being required to be given a disclosure document other than because of subsection 708(1).
  (26B) This subsection is satisfied if:
  (a) the licensee reasonably believes that the client has been given a copy of the Product Disclosure Statement for the accessible financial product that would have been required had the financial product been offered to the client directly at the time of the acquisition of the financial product; and
  (b) the licensee has no reason to believe that the Product Disclosure Statement is defective as if it were prepared at the time of the acquisition.
  (26C) This subsection is satisfied if:
  (a) the licensee reasonably believes that the accessible financial product could lawfully have been offered and issued or sold, as the case may be, to the client directly without the client being given a Product Disclosure Statement other than because of section 1012E; and
  (b) the licensee has no reason to believe that a Product Disclosure Statement would have been required to be given to the client if all other holdings of the financial product in custodial arrangements had been issued to the clients (as defined in section 1012IA) of those arrangements.
  Note: Under section 601ED, a managed investment scheme does not generally need to be registered if it has no more than 20 members. If interests held through custodial arrangements such as IDPSs, IDPS-like schemes and nominee and custody services had been acquired directly, the scheme may have required registration as it may have had more than 20 members.
  (26D) This subsection is satisfied if:
  (a) the client already holds an accessible financial product of the same kind through the IDPS; and
  (b) the licensee has given the client a Product Disclosure Statement for a financial product of the same kind; and
  (c) the licensee reasonably believes that the client has access to, and knows that they have access to, a Product Disclosure Statement for the financial product; and
  (d) the Product Disclosure Statement the client has access to is the most current in use or does not differ from the most current in use in a way that is materially adverse for the client; and
  (e) the licensee has no reason to believe the Product Disclosure Statement the client has access to is defective as if it were prepared at the time of the acquisition.
  (26E) This subsection is satisfied if the acquisition is made under a distribution reinvestment plan in relation to a client and the client already has an existing holding of an accessible financial product of the same kind or accessible securities in the same class through the IDPS.
  (26F) This subsection is satisfied if the acquisition is made under a regular saving acquisition in relation to a client and:
  (a) the client already has an existing holding of an accessible financial product of the same kind through the IDPS; and
  (b) the licensee has complied with its agreement with the client in relation to the regular savings plan to give any missing documents.
  (26G)This subsection is satisfied if the licensee reasonably believes that the issuer or seller of the accessible financial products has a dispute resolution system that satisfies either subsection 912A(2) or 1017G(2) and which covers complaints against the issuer or seller by each client of the IDPS who:
  (a) holds through the IDPS an accessible financial product issued or sold by the issuer or seller; and
  (b) if the issuer or seller had issued or sold the accessible financial product the subject of the direction to the client directly—would have acquired the product as a retail client;
  where the complaints are made in connection with an accessible financial product issued or sold by the issuer or seller that is held through the IDPS.
  (26H)This subsection is satisfied if the licensee reasonably believes that:
  (a) the client:
  (i) has accessed the platform of a CSF intermediary containing the CSF offer document for the CSF offer and the licensee has no reason to believe the document is defective as at the time of the acquisition of the shares; and
  (ii) has completed the acknowledgement that would be required under paragraph 738ZA(3)(b) if the client had applied as a retail client; and
  (iii) was able to use the relevant communication facility for the CSF offer provided under subsection 738ZA(5); and
  (iv) was able to withdraw the direction within 5 business days after it was made; and
  (v) has not been provided with financial assistance in relation to the CSF offer by:
  (A) a person referred to in subsection 738ZE(1); or
  (B) the licensee; or
  (C) an associate of the licensee that is not an Australian ADI; and
  (vi) has not in total paid for, or become liable to pay for, or given directions under an IDPS, an IDPS-like scheme or a nominee and custody service for the acquisition of, shares under a CSF offer of the company making the CSF offer that together exceed the cap on investment in paragraph 738ZC(1)(b); or
  (b) the client would have acquired the shares as a wholesale client if the client had acquired the shares directly under the CSF offer.
  Quarterly report or electronic access on a substantially continuous basis
  (27) The licensee must give each client:
  (a) a quarterly report complying with subsection (29) within one month after each quarter day; or
  (b) electronic access to the information referred to in subsection (30) on a substantially continuous basis if either:
  (i) both the following apply:
  (A) the client has agreed to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;
  (B) the licensee has no reason to doubt that the client can electronically access the information on a substantially continuous basis; or
  (ii) all the following apply:
  (A) the client has received reasonable notice that the client will be able to obtain information concerning transactions and holdings through the IDPS electronically instead of receiving a quarterly report;
  (B) the licensee has no reason to doubt the client can electronically access the information on a substantially continuous basis;
  (C) the licensee has provided the client with the ability to opt out of receiving the information by electronic access;
  (D) the client has not opted out of receiving the information by electronic access.
  (28) If the licensee provides electronic access to information to clients during a quarter instead of a quarterly report complying with subsection (29):
  (a) the information that was displayed at the quarter’s end for the quarter that purports to be the information required under subsection (30) must remain readily accessible to the clients through the same facility by which electronic access was given to clients during the quarter until the end of the IDPS financial year after the IDPS financial year in which the quarter day falls; and
  (b) the facility on which the information remains accessible must display to clients a statement to the effect that only information displayed at the quarter’s end will be considered by the auditor in preparing its annual report relating to the information provided electronically.
  (29) The quarterly report must be a written report which contains the following information:
  (a) all transactions carried out under a direction given by a client or on their behalf during the quarter;
  (b) the quantity and value of assets held through the IDPS by the client and corresponding liabilities on the quarter day, the value of assets being determined as follows:
  (i) for financial assets—net market value (being the amount which could be expected to be received from the disposal of the asset in an orderly market after deducting costs expected to be incurred in realising the proceeds of such a disposal); and
  (ii) for all other assets—the value which would be shown in the books of the IDPS; and
  (c) the revenue and expenses of the client in relation to the IDPS and assets held through the IDPS by the client during the quarter.
  (30) The following information must be accessible electronically if electronic access is provided instead of quarterly reports:
  (a) all transactions which the client has conducted through the IDPS for a period of at least one year (or such shorter period as the client’s account has been in existence) up to a date no more than 48 hours (excluding hours on a day that is not a business day) before the time of access;
  (b) the quantity and value of assets held through the IDPS by the client and corresponding liabilities at a time no more than 48 hours (excluding hours on a day that is not a business day) before the time of access, the values of the assets being determined in accordance with paragraph 29(b) and being as current as is reasonably practicable;
  (c) the revenue and expenses of the client in relation to the IDPS and assets held through the IDPS by the client during a period of at least one year (or such shorter period as the client’s account has been in existence) up to a date no more than 48 hours (excluding hours on a day that is not a business day) before the time of access; and
  (d) the time at which the information is current.
  Annual investor statement
  (31) The licensee must give to each client within three months of the end of each IDPS financial year:
  (a) a report (annual investor statement) containing:
  (i) a summary of the transactions by or on behalf of the client through the IDPS during the financial year containing the particulars that a client may reasonably require in relation to the transactions; and
  (ii) for each client who has been provided with quarterly reports under paragraph (27)(a), a statement that the client may request a copy of any quarterly report relating to the financial year for the client; and
  (b) a copy of the annual report or reports for the relevant IDPS financial year prepared by a registered company auditor under subsection (32).
  Audit reports
  (32) A licensee who performs the functions of an operator set out in column 2 of an item in the following table in relation to annual investor statements, quarterly reports or information made electronically accessible under subsection (30), must after the end of each IDPS financial year and in accordance with the following table, cause a registered company auditor to provide one or more reports which:
  (a) set out each of the opinions or statements set out in column 3 of the item in the table; and
  (b) cover the reports or information in relation to which the licensee performed the relevant functions; and
  (c) do not contain any statement that has or purports to have the effect of excluding or disclaiming liability to clients of the IDPS as users of the report.

Item	Functions of operator	Opinions of statements
1	Full Service OperatorAn operator who:1. prepares the statements, reports or information, and2. gives or makes it accessible to clients, other than by giving the reports or information to a client contact operator covered by item 3(an operator who performs both these functions is referred to in this table as a full service operator).	Auditor’s Report1. The auditor’s opinion as to whether the internal controls and other procedures of the full service operator, each custodian and any other relevant person acting on behalf of that operator were suitably designed and operated effectively in all material respects to ensure that:(a) the annual investor statement for the relevant IDPS financial year is or has been given to clients without material misstatements; and(b) where the annual investor statement does not purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:(i) any quarterly reports are or have been given to clients without material misstatements; and(ii) any information that is made accessible electronically under subsection (30) in respect of the IDPS financial year is not materially misstated at each quarter’s end in the financial year.2. The auditor’s opinion as to whether the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown in the annual investor statement for the relevant IDPS financial year have been properly reconciled in all material respects to the corresponding amounts shown in the reports prepared by the custodian and which have been independently audited.3. The auditor’s statement as to whether or not the auditor has any reason to believe that:(a) any annual investor statement for the relevant IDPS financial year given to any client is materially misstated; and(b) if the annual investor statement does not generally purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:(i) any quarterly reports given for the IDPS financial year are materially misstated; and(ii) any information accessible electronically by members under subsection (30) that relates to any of the following was materially misstated at each quarter’s end in the IDPS financial year:(A) transactions during the IDPS financial year;(B) assets held during the IDPS financial year and any corresponding liabilities;(C) revenue and expenses for the IDPS financial year.
2.	Back Office OperatorAn operator who:1. prepares the content of the statements, reports or information; and2. gives it to a client contact operator covered by item 3 for giving or making available to clients(an operator who performs both these functions is referred to in this table as a back office operator).	Auditor’s Report1. The auditor’s opinion as to whether the internal controls and other procedures of the back office operator, each custodian and any other relevant person acting on behalf of that operator were suitably designed and operated effectively in all material respects to ensure that:(a) the annual investor statement for the relevant IDPS financial year is not materially misstated; and(b) where the annual investor statement does not purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:(i) any quarterly reports are or have been given to the client contact operator without material misstatements; and(ii) any information given to the client contact operator to be made accessible electronically under subsection (30) during the IDPS financial year is not materially misstated at each quarter’s end in the IDPS financial year.2. The auditor’s opinion as to whether the aggregates of assets (other than assets held by a client), liabilities, revenue and expenses shown in an annual investor statement for the relevant IDPS financial year given to the client contact operator have been properly reconciled in all material respects to the corresponding amounts shown in the reports prepared by the custodian and which have been independently audited.3. The auditor’s statement as to whether or not the auditor has any reason to believe that:(a) any annual investor statement for the relevant IDPS financial year given to the client contact operator is materially misstated; and(b) if the annual investor statement does not generally purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:(i) any quarterly reports given for the IDPS financial year are materially misstated; and(ii) any information provided for the purpose of being made accessible electronically under subsection (30) that has been given to the client contact operator and relates to any of the following was materially misstated at each quarter’s end in the IDPS financial year:(A) transactions during the IDPS financial year;(B) assets held during the IDPS financial year and any corresponding liabilities;(C) revenue and expenses for the IDPS financial year.
3.	Client Contact OperatorAn operator who:1. receives the content of the statements, reports or information from a back office operator; and2. gives or makes it available to clients(an operator who performs both these functions is referred to in this table as a client contact operator).	Auditor’s ReportThe auditor’s opinion as to whether the internal controls and other procedures of the client contact operator and any other relevant person acting on behalf of the client contact operator were suitably designed and operated effectively in all material respects to ensure that:(a) the annual investor statement for the relevant IDPS financial year is or has been given to clients without material misstatements; and(b) where the annual investor statement does not purport to include particulars of each transaction that would be required in quarterly reports for each quarter during the IDPS financial year:(i) any quarterly reports that have been given to the client contact operator by the back office operator are given to each relevant client without material alteration; andNote: A client contact operator may add information relating to its identity, for example, by printing out statements on its own stationery.(ii) any information given to the client contact operator by the back office operator to be made accessible electronically under subsection (30) that relates to any of the following:(A) transactions during the IDPS financial year;(B) assets held during the IDPS financial year and any corresponding liabilities;(C) revenue and expenses for the IDPS financial year;is so made accessible without material alteration at each quarter’s end in the IDPS financial year.

ad = added or inserted	orig = original
am = amended	par = paragraph(s)/subparagraph(s)
amdt = amendment	/sub‑subparagraph(s)
c = clause(s)	pres = present
C[x] = Compilation No. x	prev = previous
Ch = Chapter(s)	(prev…) = previously
def = definition(s)	Pt = Part(s)
Dict = Dictionary	r = regulation(s)/rule(s)
disallowed = disallowed by Parliament	reloc = relocated
Div = Division(s)	renum = renumbered
exp = expires/expired or ceases/ceased to have	rep = repealed
Effect	rs = repealed and substituted
F = Federal Register of Legislation	s = section(s)/subsection(s)
gaz = gazette	Sch = Schedule(s)
LA = Legislation Act 2003	Sdiv = Subdivision(s)
LIA = Legislative Instruments Act 2003	SLI = Select Legislative Instrument
(md not incorp) = misdescribed amendment	SR = Statutory Rules
cannot be given effect	Sub‑Ch = Sub‑Chapter(s)
mod = modified/modification	SubPt = Subpart(s)
No. = Number(s)	underlining = whole or part not
o = order(s)	commenced or to be commenced
Ord = Ordinance

Name	Registration	Commencement
ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669	31/8/2023 (see F2023L01160)	1/9/2023
ASIC Corporations (Amendment) Instrument 2023/876	29/11/2023 (see F2023L01567)	30/11/2023
ASIC Corporations (Amendment) Instrument 2024/554	5 July 2024 (see F2024L00864)	10/7/2024

Provision affected	How affected
Section 2	rep. s48D LA (section 48D of the Legislation Act 2003 repeals a provision that provides solely for commencement)
Section 4 (definition of securities)	am 2023/876
Section 8 (notional paragraph 912AD(27)(b))Section 9 (notional sections 952BA and 953BA)	am 2023/876rs 2024/554

“912AD Requirements for the operation of“912AD Requirements for the operation of an IDPS

Get a plain-English read of “912AD Requirements for the operation of

“912AD Requirements for the operation of an IDPS