Managed investment scheme constitution requirements to change from 1 October 2013
The Australian Securities and Investments Commission (ASIC) has finalised its amended regulatory guidance on the content requirements for registered managed investment schemes.
ASIC acted in response to industry submissions that argued that they should not require all existing managed investment scheme constitutions to be amended to comply with their new content requirements, as proposed in Consultation Paper 188 (September 2012). The new policy, set out in new Regulatory Guide 134 (Managed investments: constitutions) released on 5 June 2013, will only apply to constitutions lodged for scheme registration from 1 October 2013.
For provisions in a scheme constitution that allow discretions to decide unit prices, ASIC has introduced a ‘safe harbour’ approach. New constitutions lodged for registration that comply with the new ASIC Class Order [CO 13/655] can expect to be processed without undue challenge. The alternative of making submissions to ASIC before lodging the registration application, arguing that alternative drafting complies with section 601GA(1)(a) of the Corporations Act, is also available. The earlier Class Order [CO 05/26] has not been revoked and can be relied upon for schemes registered before 1 October, unless the responsible entity publishes a notice on its website that it relies on [CO 13/655]…
If you are registered and logged in to the site, click on the link below to read the rest of the King & Wood Mallesons briefing. If not, please register or sign in with your details below.
News from King & Wood Mallesons
News from The Lawyer
Briefings from King & Wood Mallesons
The assistant treasurer was quizzed recently about the timetable for his Future of Financial Advice changes.
High Court decides: liquidators of insolvent landlords can disclaim leases with the effect of extinguishing the tenant’s leasehold interest
In Willmott Growers Group Inc v Willmott Forests Limited, the majority of the High Court upheld the Victorian Court of Appeal’s conclusion that the liquidators of an insolvent landlord can disclaim a lease.
Analysis from The Lawyer
All-encompassing change is now a reality for the UK’s top 200 firms. How are they coping with the unprecedented upheaval? The Lawyer finds out