This data standard allows product issuers (under the DDO regime) to provide product distributors with the Target Market Determination(s) that issuers are required to make under the DDO regime.
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# |
Data Item |
Definition/description |
Comment/coding |
Mandatory/ optional/conditional |
Outstanding items |
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Version of standard |
Version number of data standard. Can be non-integer. Major versions should increment by 1. Minor changes (backwards compatible) can increment by less than 1. (eg 2.1, 2.2, 2.3) |
XXX |
M |
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Date sent |
Date that this report was sent |
Format YYYY-MM-DD |
M |
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Issuer AFSL |
O |
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Issuer ABN |
Nine-digit numeric |
M |
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Issuer name |
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ARSN |
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APIR |
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ISIN |
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Market Identifier Code |
For listed or exchange traded products |
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Product TMD – Allow multiple subrecords, one for each product TMD (one TMD per product) |
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Product identifier – see common data items – MUST BE PROVIDED, INCLUDING CLEAR DETERMINATION OF PRIMARY PRODUCT ID |
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TMD Version |
Version number of the TMD. Can be non-integer. Major versions increment by 1. Minor changes (backwards compatible) increment by less than 1 |
XXX |
M |
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TMD Status |
The status of the TMD which indicates whether it should be distributed. A status of under review, unavailable or closed will be a signal to distributor to stop retail distribution (unless the distribution is excluded dealing). |
Single choice of {Available / Under review / Unavailable – stop distribution / closed} |
M |
Need to check rules about interaction with version number. |
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Date approved |
Date that this TMD version was approved |
Format YYYY-MM-DD |
M |
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Mandatory review date |
Next mandatory review date for this TMD version. A review can occur before this date. |
Format YYYY-MM-DD |
M |
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Contact details (for TMD) – see common data items |
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##Data items specific to TMD##
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Data items specific to TMD |
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TMD Characteristic |
TMD Values |
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1: Investment Objective |
1.1: Investment Objective Description |
A description of the investment objective of the product, including growth/ defensive split |
Free-text field |
O |
Revisit issues with mandatory/optional sections. EG if one part of a section is filled in, all of section must be filled in. |
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1.2: Capital Growth |
Do the product investment objectives align with those of an investor seeking Capital Growth |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
Use key instead of text |
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1.3: Capital Preservation |
Do the product investment objectives align with those of an investor seeking Capital Preservation |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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1.4: Capital Guaranteed |
Do the product investment objectives align with those of an investor seeking Capital Guaranteed |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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1.5: Regular Income |
Do the product investment objectives align with those of an investor seeking Regular Income? |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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2: Product Use |
2.1: Product Use Description |
A description of the investment objective of the product, including asset allocation and diversification information |
Free-text field |
M |
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2.2: Solution / Standalone (75% - 100%) |
Is the product intended to be used as a Solution / Standalone product |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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2.3: Core Component (25% -75%) |
Is the product intended to be used as a core component product |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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2.4: Satellite (0% - 25%) |
Is the product intended to be used as a satellite product |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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3: Investment Timeframe |
3.1: Investment Timeframe Description |
A description of the minimum suggested timeframe for holding the product |
Free-text field |
M |
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3.2: Short (< 2 years) |
Is it appropriate for investors to hold the product for 0-2 years before selling |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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3.3: Medium (2 – 6 years) |
Is it appropriate for investors to hold the product for 2-6 years before selling |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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3.4: Long (> 6 years) |
Is it appropriate for investors to hold the product for more than 6 years before selling |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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4: Risk and return |
4.1: Risk and Return description |
A description of the product risk and return metrics, include risk band and the return hurdle rate |
Free-text field |
M |
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4.2: Very high risk & return |
Does the product have very high risk and return attributes |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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4.3: High risk & return |
Does the product have high risk and return attributes |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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4.4: Medium risk & return |
Does the product have medium risk and return attributes |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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4.5: Low risk & return |
Does the product have low risk and return attributes |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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5: Customer’s need to withdraw money. |
5.1: Customer’s withdrawal needs description. |
A description of the intended redemption frequency, access constraints and other relevant liquidity considerations. |
Free-text field |
M |
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5.2: Daily |
Product suitable for investors that redeem interests daily |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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5.3: Weekly |
Product suitable for investors that redeem interests weekly |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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5.4: Monthly |
Product suitable for investors that redeem interests monthly |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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5.5: Quarterly |
Product suitable for investors that redeem interests quarterly |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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5.6: Annually or longer |
Product suitable for investors that redeem interests annually or longer |
Single choice of {In Target Market / Potentially in Target Market / Not considered in Target Market} |
M |
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Distribution conditions |
Available Direct? |
Is product available direct (non intermediated) retail? |
Y/N |
M |
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Direct conditions |
Additional conditions on direct (non intermediated) retail. Only complete if previous is Y. |
Free text |
C |
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Available through all distributors? |
Is product Suitable for distribution through all distributors? |
Y/N |
M |
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All distributors conditions |
Additional conditions on distribution to all distributors. Only complete if previous is Y. |
Free text |
C |
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Select distributor (Restricted to named distributor) |
Is the product restricted to specific distributors? |
Y/N |
O |
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The following two fields can be multivalued |
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Select distributor issuer |
ABN of issuer of distributor where conditions apply (see next field for conditions). Only complete if previous is Y. |
ABN |
O |
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Select distributor conditions |
Additional conditions on distribution issued by specified issuer. Don’t replicate general distributor conditions |
Free text |
C |
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Available to customers who have not received personal advice? |
Is product available to clients who have not received personal advice? [row for general advice?] |
Y/N |
M |
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Advised distribution conditions |
Additional conditions on distribution to clients subject to personal advice. Only complete if previous is N. |
Free text |
C |
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Review triggers |
The following one field can be multivalued |
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Review triggers |
List one trigger per subrecord. As distributors don’t need to action review triggers, there is no need for standardisation/ validation of the text |
Free text |
O |
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Distributor reporting requirements |
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How to send reports |
Text indicating how distributors must send reports to issuer. Preference is for a URL link to instructions (must be permanent link) |
M |
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Acquisition outside TM |
Is there requirement for distributors to report on ALL dealings outside target market? |
Y/N |
M |
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If Y, should report follow FSC DDO data standard for transactions? Only complete if previous is Y |
Y/N |
C |
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If N, name of alternative data standard |
Free text |
C |
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Report on some acquisitions outside TM |
If report not required on all dealings outside target market, is a report required on some dealings outside target market other than significant dealings? |
Y/N |
C |
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Only answer following three fields if a report on some acquisitions outside TM is required |
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If Y, specify type of dealings outside target market requiring report |
Free text |
C |
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Should report on some trans follow FSC DDO data standard for transactions? |
Y/N |
C |
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If N, name of alternative data standard |
Free text |
C |
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Frequency of report |
Required frequency of report by distributors on dealings outside target market. |
Select one of: {point of sale / end of calendar month / end of calendar quarter} |
C |
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Use complaints reporting standard? |
Are complaints reporting required to use FSC complaints standard? |
Y/N |
M |
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Minimum version of complaints standard |
Distributor must submit complaints standard in this version of FSC standard or later. If blank, no requirement on version. Only complete if previous is Y. |
X.X |
O |
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Required content of complaints report by distributors. |
Free text |
M |
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Required frequency of report on complaints. [MP1] |
Select one of: { monthly/quarterly/half yearly/yearly} |
M |
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Significant dealing |
As per statutory obligations s994F(6) |
M |
Reporting on this is compulsory, with mandatory deadlines so unclear what to include in data standard |
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Appropriateness |
Explanation how issuer considers TMD performs against appropriateness test as required by ASIC RG |
Free text |
M |
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Footer record |
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Count of TMDs in report |
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