Basis Capital Funds Management V Bt Portfolio Services Limited

Some of the issues that can arise when there is substantial market volatility have been considered in Basis Capital Funds Management v BT Portfolio Services Limited (2008) NSWSC 766 (28 July 2008).

This case also involved consideration of a number of the financial services provisions in Chapter 7 of the Corporations Act 2001 (Cth). Although the case concerned a managed investment scheme, the issues considered have relevance for a superannuation fund.

The case considered:

• The nature of the interest acquired when application moneys are received and when the relevant interest was issued on an application for new units in a managed investment scheme.

• The dealing with money obligations in section 1017E.