CNM Legal Principal Chris Mee has been named the 2027 Best Lawyers® “Lawyer of the Year” for Investment Funds in Brisbane. Chris has also been recognised in the 2027 edition of The Best Lawyers in Australia™ for his work in Funds Management and Investment Funds. The Best Lawyers awards are based on peer review, with […]
Professional indemnity (PI) insurance is an important part of the regulatory framework for Australian financial services (AFS) licensees providing financial services to retail clients. ASIC recently brought the issue back into focus through surveillance of financial advice licensees that appeared, based on information reported to ASIC, to hold less than the minimum level of PI […]
The Australian Government is consulting on proposals to significantly increase the information collected about managed investment schemes (MISs). The proposals would affect registered schemes but, importantly, also seek to increase regulatory visibility of the wholesale and unregistered MIS sector, which is currently subject to significantly less scheme-level reporting. Expanded reporting for registered schemes For registered […]
A recent auditor disciplinary decision highlights the importance of appropriate scrutiny of the underlying assets and valuations of managed investment schemes, particularly where investment structures are complex. The Companies Auditors Disciplinary Board (CADB) has suspended the registration of former PKF Brisbane auditor Cameron Bradley following findings concerning the audits of three managed investment schemes operated […]
ASIC has issued infringement notices to the trustees of three superannuation funds in relation to allegedly inaccurate information about investment options published on websites and member portals. In one case, the correct information was contained in the formal Investment Guide forming part of the PDS, but information published on the trustee’s website was inconsistent. While the […]
The commencement of Federal Court proceedings against Auditeo Australia Pty Ltd and two auditors is the latest enforcement action arising from the First Guardian Master Fund. While the allegations are directed at the auditors, the proceeding has broader significance for responsible entities, AFSL holders and other participants operating within Australia’s managed funds industry. The proceeding […]
ASIC has confirmed that the net tangible asset thresholds applying to responsible entities and certain other retail fund operators will increase from 1 July 2027. In our earlier article, ASIC set to increase capital requirements for fund managers, we outlined the options ASIC was considering under Consultation Paper 388. ASIC has now confirmed it has […]
Recent Federal Court decisions in Australian Securities and Investments Commission v HSBC Bank Australia Limited [2026] FCA 847 (the HSBC Decision) and Australian Securities and Investments Commission v Mercer Superannuation (Australia) Limited [2026] FCA 832 (the Mercer Decision) reinforce that the obligation under section 912A(1)(a) of the Corporations Act 2001 (Cth) (Corporations Act) extends well […]
The default position for the disclosure of fees and costs is that they must be disclosed in dollar terms unless ASIC has provided relief. This article explains what dollar disclosure means for the fees and costs section of your product disclosure statement (PDS) and periodic statements, when you can use alternatives like percentages or estimates, […]
ASIC’s Regulatory simplification progress report (REP 830) is mainly a progress update on simplification work already underway, but it contains two developments that AFS licensees and fund managers should watch closely: a clear signal of support for broader reportable situations reform, and active consultation on simplifying the substantial holding notice regime. The report also touches […]