Powered by MOMENTUM MEDIA

Changes ahead in 2017 for custodians

By Reporter
 — 1 minute read

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.

Advertisement
Advertisement

“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.

Read more:

OneVue signs white label deals with three firms

IOOF names new chief investment officer

Senate passes adviser education standards

AMP announces $344m full-year loss

Investment cycle still in bullish territory


The must-attend event for financial advisers is back in 2022: the ESG Summit, coming to Sydney and Melbourne in February. Walk away with vital knowledge on a number of key ESG areas to help you make informed ESG strategy decisions and to better communicate and integrate the growing ESG space to clients. Visit the website to secure your place.

 

Changes ahead in 2017 for custodians
investordaily image
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.