1. Compliance
  2. DIMS

DIMS

 

You are providing DIMS when an investor gives you the authority to make decisions about buying and selling financial products on their behalf.

Under the FMC Act you need a licence to provide discretionary investment management services (DIMS).

Exemptions are available.

If you are unclear about whether you are providing DIMS, check our FAQs

Exemptions

This table lists some examples of DIMS licence exemptions. See our current exemption pages for a full list of DIMS exemption notices.

Exemption When
AFA can provide personalised DIMS under the Financial Advisers Act (FA Act) When you are authorised by us to do so. Check your obligations
AFA can provide DIMS without a licence or authorisation for a short period of time

When urgent decisions are required, or for a known or specified period. Find out how you can offer DIMS in these situations 

A person can provide DIMS to a wholesale investor (under the FA Act)

Under section 20 of the FA Act these people can provide DIMS to a wholesale investor:

  • an authorised financial adviser
  • a QFE adviser
  • a registered person (whether an individual or an entity); and
  • an exempt provider 

See clause 36 of schedule one of the FMC Act for criteria for wholesale investors in relation to the provision of DIMS.