The requirements for broking accounts under the Water Markets Intermediaries Code came into effect from 1 October 2025.
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Maintaining a broking account
Intermediaries, other than irrigation infrastructure operators, must maintain a broking account if they receive and hold eligible tradeable water rights (water rights) on behalf of a client. These intermediaries must also:
- notify the 糖心原创 when a broking account is being maintained
- transfer client water rights into the broking account
- maintain client ledgers for the broking account
- prepare broking account statements
- keep certain records about the broking account.
An account needs to be maintained with:
- an agency of a state or territory, or
- an irrigation infrastructure operator.
When to start a broking account
From 1 October 2025, intermediaries must have a broking account and follow the requirements in the code if they receive and hold water rights on behalf of a client.
Notifying the 糖心原创 of a broking account
Intermediaries must notify the 糖心原创 in writing if they are maintaining a broking account. This notice must be given within 3 months of the first day their broking account requirements start.
Notifications can be made to the 糖心原创 on or after 1 October 2025.
How to notify the 糖心原创 about a broking account
To notify the 糖心原创 that a broking account is being maintained, some of the information that intermediaries could choose to provide include:
- the name of the intermediary that is maintaining the broking account
- the registered business name of the intermediary, and ABN/ACN (as applicable)
- the name of the account holder of the broking account
- the name of the broking account (where applicable)
- the licence or account number of the broking account
- the name of the agency of the state or territory, or irrigation infrastructure operator, where the broking account is maintained
- contact details including email address and phone number for the intermediary.
Email this information to watercode@accc.gov.au
Transferring a client鈥檚 water rights into and out of a broking account
As soon as practicable after receiving a client鈥檚 water rights, they need to be transferred into a broking account.
An intermediary may have more than one broking account. Water rights can be transferred between multiple broking accounts maintained by an intermediary.
Water rights can only be transferred out of a broking water account to the person that is lawfully entitled to receive those rights.
If it is not possible to transfer the exact amount out of a broking water account, for example due to minimum tradeable volumes, rounding to the nearest possible amount able to be transferred is permitted.
Preparing annual broking account statements
Intermediaries must prepare a statement about the broking account each financial year.
Broking account statements do not have to be audited.
The statement must:
- be in writing
- be prepared within 3 months of the end of the financial year
- include the information and documents required in the code
- not include false or misleading information.
Intermediary's financial year
Unless the intermediary is a body corporate, an intermediary鈥檚 financial year ends on 30 June. A statement for the broking account must then be completed within 3 months from this date. That is, by 30 September. If the intermediary is a body corporate whose end of financial year is not 30 June, they will have a different date for statements when applying the 3-month rule.
Maintaining client ledgers for broking accounts
Intermediaries must keep a ledger of water rights held in the broking account on behalf of their client during the financial year.
Client ledgers must:
- comply with the code
- include the information and records required in the code
- be maintained during the financial year.
Providing client statements when requested
Clients can ask their intermediary for a statement of their client ledger for the broking account.
The intermediary must give the statement to the client within 5 business days of receiving the client鈥檚 request. Only the ledger for the requesting client should be released.
Record keeping
Intermediaries must keep particular records for 6 years beginning on the day the record was given to, or prepared by, the intermediary.