ASIC has reissued Regulatory Guide 133 Funds management and custodial services: Holding assets (RG 133) to provide the latest guidance to asset-holding Australian financial services (AFS) licensees.

Relevant AFS licensees include responsible entities of registered managed investment schemes and licensed providers of custodial services.

This latest version of RG 133, which replaces guidance issued in June 2022, includes the following revisions:

• updated references to relevant legislative instruments, including legislative instruments imposing financial requirements, and
• good practices for crypto-assets holders (such as custodians of crypto-assets which are financial products), including maintaining robust information security controls and risk management processes.

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Regulatory Guide 133 Funds management and custodial services: Holding Assets

Background

RG 133 explains the AFS licence obligations and minimum standards in relation to asset holders, including:

• responsible entities of registered managed investment schemes (registered schemes)
• licensed providers of custodial services (licensed custody providers)
• managed discretionary account (MDA) providers that are responsible to clients for assets held under an MDA, and
• investor directed portfolio service (IDPS) operators that are responsible to clients for assets held under an IDPS.