Following the legislation of the first two elements of the IMR
in August last year, the Government confirmed on the eve of the
Christmas-New Year break its intention to introduce the third and
final element of the IMR into Parliament in the first half of
2013.
With the introduction of the Significant Investor Visa in
November 2012 as a potential new source of capital for Australian
fund managers, these are positive developments for the Australian
funds management industry.
We welcome this announcement, as it is another step towards
providing opportunities for Australian fund managers to increase
their funds under management.
The main improvements to the IMR are:
- A technical correction to the widely held and concentration
tests in the IMR legislation, in which funds must have a minimum of
25 members. It has been acknowledged that in its current form the
legislation inappropriately excludes 'feeder funds' that
have a large underlying investor base, so the
