The Australian Securities and Investments Commission (ASIC) has today released revised guidance on the custody of assets and standards to be met by asset holders. The revised guidance updates existing measures to:

• apply minimum standards to asset holders for managed investment schemes and holders of financial products, and affects responsible entities, licensed custodians, platform operators and managed discretionary account operators;
• ensure agreements with asset holders have certain minimum terms; and
• require primary production scheme responsible entities to safeguard the land on which the scheme operates.

A copy of the guidance is available at:  http://www.asic.gov.au/asic/asic.nsf/byheadline/13-314MR+ASIC+releases+revised+guidance+on+custody?openDocument