ASIC has granted relief to assist responsible entities of registered schemes to allow them to make changes to their constitutions without automatically holding a members’ meeting. The relief will assist responsible entities to smoothly implement the new tax system for managed investments trusts should they make the choice to do so. The new system was […]
ASIC has released a consultation paper proposing to remake its class order on differential fees for registered managed investment schemes. You can access a copy of the paper here. Key information: Under the Corporations Act, responsible entities (REs) must treat members who hold the same class of interest equally Most REs rely on an existing ASIC class order […]
ASIC today released a consultation paper proposing to remake its class order on differential fees for registered managed investment schemes, which is currently due to expire (‘sunset’) on 1 April 2017. ASIC proposes to remake the class order as, in its view, the class order is operating effectively and efficiently and continues to form a necessary […]
ASIC has today released a consultation paper proposing to repeal Class Order [CO 02/226] – Managed investment schemes – no issue required disclosure that is due to expire (‘sunset’) in 2017. ASIC proposes to repeal this class order as, in our view, it no longer serves a regulatory purpose. Consultation Paper 259 Repealing ASIC class order […]
ASIC today published its third report on its approach to licence applications. Report 478 Overview of licensing and professional registration applications: July to December 2015 (REP 478) sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration […]
Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP, today announced the release of the Government’s response to the Senate Economics References Committee’s report on the Inquiry into Digital Currency – Digital currency — game changer or bit player. “The Turnbull Government is committed to fostering innovation in the financial sector and […]
ASIC has today released a consultation paper proposing to update guidance in Regulatory Guide 228 Prospectuses: Effective disclosure for retail investors (RG 228). The updated guidance aims to assist companies and their advisers to better understand their disclosure obligations and to improve the quality of historical financial information disclosure in prospectuses. It responds to ASIC’s assessment […]
Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP today signed the Asia Region Funds Passport’s Memorandum of Co-operation (MoC) with Japan, Korea and New Zealand. The Passport is an international initiative that facilitates the crossborder offering of eligible collective investment schemes while ensuring investor protection in economies participating in the Passport. […]
ASIC today provided a further update on its Innovation Hub (see 15-211MR for our previous update). ASIC’s Innovation Hub has now been operating for just over a year and is continuing to assist financial technology (fintech) start-ups navigate the regulatory framework. See the Background section of this release for an overview of the Innovation Hub activity, […]
The Turnbull Government today announced a $127.2 million reform package to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASIC). The broad reform measures will equip ASIC with stronger powers and funding to enhance surveillance capabilities better enabling our corporate watchdog to combat misconduct in Australia’s financial services industry and bolster […]