Custodial and asset administration firms will undergo continued regulatory, tax and operations changes through 2017, according to the Australian Custodial Services Association (ACSA).
The industry body said a number of incoming changes, such as the introduction of collective investment vehicles and the managed investment trust reforms, “are likely to shape the course of this year’s custody industry”.
“Under Operations, the proposed CHESS replacement, improvements in the standardisation of processing of discount securities and improvements to Proxy Voting Automation are all on the agenda for ACSA,” the group said.
“The year 2017 is shaping up to be another year of change and ACSA is well positioned to help the industry meet these new challenges,” said ACSA chair David Knights.
Mr Knights noted that the Australian custodial industry had undergone a number of changes in 2016 as well, with the implementation of both Accounting Standard AASB 1056 and ASIC Regulatory Guide 133, plus the shift from T+2 days settlement.
“At a strategic level, ACSA has been working with regulators and other industry bodies to ensure that industry changes are cost effective and improve the funds management and superannuation sector,” Mr Knights said.
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