The FSC is doing extensive work to help members prepare for the start of the Design & Distribution Obligations (DDO) regime, which begins in October 2021.
Members have been working hard at developing template Target Market Determinations (TMDs). These templates/guidance will help FSC members write TMDs for the products they issue.
ASIC has agreed to review the templates; they have already reviewed and commented on the life insurance templates and will shortly be reviewing the superannuation/platforms templates. Members that base their TMDs on the templates are more likely to meet ASIC’s requirements.
The FSC is offering to license the TMD templates to non-members.
Members are also doing significant work in developing data standards for the DDO, so that product issuers and distributors will have a common data language for communications that are required under the DDO regime. It is envisaged the FSC will license these standards to non-members as well.
The FSC has also hosted a DDO training event and is planning several more in the lead up to the start of the DDO regime in October.
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FIND THE FSC'S TARGET MARKET DETERMINATION (TMD) TEMPLATES/GUIDANCE HERE