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ARTICLE · 21 AUGUST 2013

Managed investment schemes: regulatory changes and case law affecting scheme constitutions

Sparke Helmore Lawyers
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There are now new ASIC content requirements and new case law regulating managed investment scheme constitutions.

AustraliaFinance and Banking
Michelle Segaert
Michelle Segaert
Vinod Kumar
Vinod Kumar
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If you operate a registered managed investment scheme (MIS) or intend to register a MIS, you need to know that:

  • there are new content requirements for scheme constitutions lodged from 1 October 2013 (under ASIC Regulatory Guide 134 and related class orders), and
  • the decision in ASIC v Wellington Capital1 reviewed the powers of responsible entities and will affect in specie distributions under the scheme constitution.

New requirements for MIS constitutions lodged from 1 October 2013

ASIC recently updated its guidance on the content requirements (contained in sections 601GA and 601GB of the Corporations Act 2001(Cth) (Corporations Act)) for constitutions of registered MISs. The new requirements will apply to constitutions lodged for scheme registration from 1 October 2013.

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