Target Market Determination
A Target Market Determination (TMD) is a written document that describes the type of customers who a who a product has been designed for and conditions on how the product can be distributed to customers.
TMDs are designed to assist issuers to ensure that financial products they issue are likely to be consistent with the likely objectives, financial situation and needs of the consumers for whom they are intended (the target market) and to assist distributors to ensure that financial products are distributed to the target market.