Target Market Determination

From 5 October 2021, this page will include the Target Market Determinations for financial products issued by CommBank and CommSec.

What’s a Target Market Determination?

A Target Market Determination is a document which describes who a product is appropriate for (target market) and any conditions around how the product can be distributed to customers.

It also describes the events or circumstances where we may need to review the Target Market Determination for a financial product.

Why does CommBank and CommSec need to have Target Market Determinations?

We’re required to have Target Market Determinations under the Design and Distribution Obligations under Pt 7.8A of the Corporations Act 2001 (Cth).

This is to make sure we’re keeping customers at the centre of our approach to the design and distribution of our financial products.


Find a Target Market Determination.

CommSec Exchange Traded Options

Publish Date

10 October 2023


10 October 2022


15 December 2021


30 September 2021

If you require a previous version of a TMD or a TMD for a product not currently distributed, please contact us at I& Please ensure you include the product name & time period in your request.


Important information for entities or persons that engage in Retail Product Distribution Conduct in relation to CommSec products.

Entities or persons engaging in Retail Product Distribution Conduct under the Product Design and Distribution Obligation (DDO) laws (e.g. comparison websites who provide general advice in relation to products in scope for DDO) must report information outlined in Target Market Determinations (TMD) within a specified timeframe to Product Issuers.

If you are looking to report information to CommSec as outlined in our product TMDs:


  • Contact your CommSec Relationship Manager to discuss how to share this information with CommSec
  • If you do not have a CommSec Relationship Manager, please email your information to I&





    The information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on this information, consider the appropriateness of the information, having regards to the individual's objectives, financial situation or needs, and, if necessary, seek appropriate professional advice. You can view the Share Trading Terms and Conditions, CommBank Transaction, Savings and Investment Account Terms and Conditions, Product Disclosure Statement, Best Execution Statement and Financial Services Guide, and should consider them before making any decision about these products and services.

    The Commonwealth Direct Investment Account (CDIA) is issued by Commonwealth Bank of Australia. ABN 48 123 123 124 AFSL 234945. This product is administered by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec), a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia. CommSec is a Market Participant of ASX Limited and Cboe Australia Pty Limited, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. The target market for the CDIA can be found within the product’s Target Market Determination, available at