The ACCC’s updated materials outline how intermediaries must establish and manage a compliant water market trust account, including rules for account naming, handling client funds, maintaining client ledgers, and retaining records for six years.
Full guidance is available here:
https://www.accc.gov.au/business/industry-codes/water-markets-intermediaries-code/statutory-trust-accounting-requirements

The Commission has also provided detailed instructions on appointing an independent trust account auditor, who must be engaged within three months of the trust-account obligation arising. This section includes an example trust account statement and an example audit report form to assist intermediaries in preparing their annual audit.
Audit guidance:
https://www.accc.gov.au/business/industry-codes/water-markets-intermediaries-code/statutory-trust-accounting-requirements#toc-appointing-a-trust-account-auditor

These requirements reflect recommendations from recent water market reforms and are designed to safeguard client funds and ensure greater accountability in intermediary operations.

The AWBA has issued a reminder to all Members to review the updated ACCC guidance, confirm their trust-account and audit arrangements meet the Code’s obligations, and seek professional advice where necessary to ensure full compliance.