Financial Markets Conduct (Financial Reporting—DIMS Licensees) Exemption Notice 2025

The notice exempts small to medium-sized licensed providers of DIMS from certain financial reporting and audit obligations under the Financial Markets Conduct Act 2013.  

View the Financial Markets Conduct (Financial Reporting – DIMS Licensees) Exemption Notice 2025

The principal effects of the notice are as follows: 

• Small DIMS licensees (licensees with less than $130m retail funds under management (FUM)) are exempt from almost all the financial reporting requirements in Part 7 of the FMC Act. They are not required to prepare financial statements that comply with GAAP, have them audited by a licensed auditor or lodge them with the Registrar. They are still required to keep accounting records and comply with any financial reporting and audit obligations under other legislation (e.g., the Companies Act 1993 or the Tax Administration Act 1994).
• Medium-sized DIMS licensees (licensees with between $130m and $327m retail FUM) are exempt from the requirement to have their financial statements audited by a licensed auditor but must prepare financial statements that comply with GAAP and lodge them with the Registrar. They are still required to comply with any audit requirements under other laws (such as the Companies Act 1993). 

These thresholds have increased from the Financial Markets Conduct (Financial Reporting – DIMS Licensees) Exemption Notice 2020 notice. 

The exemptions do not apply if a DIMS licensee is an FMC reporting entity for any other reason, doesn’t have an independent custodian, or the licensee has more than $327 million in retail funds under management. 

The new notice will come into force on 5 June 2025. 

Related 

• Financial Markets Conduct (Financial Reporting – DIMS Licensees) Exemption Notice 2020