ASIC consolidates compliance rules for platforms

ASIC has consolidated legislative instruments for platforms to make it more centralised and easy to find. It said this reflects its commitment to simplify complex ASIC instruments.

ASIC also removed and updated requirements, including replacing quarterly reporting with electronic access to account information and giving investors timely access to their investment details. It noted it has also improved and simplified the structure and language.

ASIC Corporations (platforms - investor directed portfolio services (IDPS) and IDPS-like schemes) Instrument 2026/395 will replace the reliefs under Instrument 2023/668 and Instrument 2023/669.

ASIC Instrument 2023/668 provided relief to responsible entities of IDPS-like schemes from managed investment schemes, fundraising, financial reporting, and disclosure requirements under the Corporations Act.

ASIC Instrument 2023/669 provided relief to operators of IDPSs from the requirement to register the IDPS as a managed investment scheme, and the financial product disclosure, hawking and fundraising provisions of the Corporations Act.

ASIC consulted on the proposed simplification of the platform instruments as part of a pilot legislative instrument simplification initiative in September 2025. It also undertook further targeted consultation on the instrument before finalising it.

"We will update our guidance in Regulatory Guide 148 Platforms that are managed investment schemes and nominee and custody services (RG 148) to reflect the new instrument in the coming months," ASIC said.