Managed investment schemes (MIS) and when they must be registered

The term "managed investment scheme" is often used but not always well understood. You might have come across the term while planning a new business venture which will involve attracting investors and having them contribute funds. Or perhaps you want to provide advice to investors about an investment product and you are not sure whether it is covered by your existing Australian financial services ("AFS") licence authorisations.

Either way, it is important to understand whether what you are planning involves a managed investment scheme (MIS), whether it comes within the AFS licensing regime and, if so, whether it must be registered. The outcome of these considerations will determine which regulatory requirements apply to you.