SERVICED STRATA SCHEMES
Serviced strata schemes
ASIC considers that there is likely to be a serviced strata scheme when an investor’s right to a return depends (totally or partially) on either or both of the following two factors:
- the use of other investors’ strata units; or
- the use of their strata unit as part of a hotel, motel, resort or serviced apartment complex.
Typically, management rights schemes are serviced strata schemes. To avoid the need to register a management rights scheme as a managed investment scheme with ASIC and obtain an AFS licence to operate it, promoters and/or operators need to comply with ASIC’s class order relief. However, you will need to prepare a product disclosure statement (PDS) which complies with the Corporations Act.
We can:
- assist you in the establishment of a serviced strata scheme, including the preparation of the scheme’s constitution and compliance plan, apartment leases and PDS;
- for management rights schemes:
- assist you in the establishment of a serviced strata scheme, including the preparation of the scheme’s constitution and compliance plan, apartment leases and PDS;
- assist you comply with ASIC’s class order exemptions for management rights schemes, including revising letting appointments and off-the-plan sales contracts; and
- prepare a PDS for the scheme for inclusion in contract documentation.
EQUITIES FUNDS
EQUITIES FUNDS
Funds which invest in securities like shares are one of the most common forms of managed investment vehicles in Australia. Single asset or multi-sector, active or passive: the range of investment classes and strategies is very broad.
Read More PROPERTY FUNDS
PROPERTY FUNDS
Property funds can take many forms including development funds, AREITs and property securities funds. They can be single or multi-asset, fixed term or open-ended. Each presents its own unique challenges.
Read More HEDGE FUNDS
HEDGE FUNDS
ASIC considers that a hedge fund is a registered managed investment scheme that is promoted by the responsible entity using the expression and as being a ‘hedge fund’, or exhibits two or more of the characteristics of a hedge fund.
Read More MORTGAGE FUNDS
MORTGAGE FUNDS
A ‘mortgage scheme’ is a managed investment scheme that has, or that is likely to have, at least 50% of its non-cash assets invested in 'mortgage loans' and/or unlisted mortgage schemes.
Read More PLATFORMS, WRAPS AND MASTER FUNDS (IDPSS)
PLATFORMS, WRAPS AND MASTER FUNDS (IDPSS)
Platforms, wraps and master funds are industry terms for what ASIC refers to as investor-directed portfolio services (IDPSs) or IDPS-like schemes.
Read More PRIVATE EQUITY AND VENTURE CAPITAL FUNDS
PRIVATE EQUITY AND VENTURE CAPITAL FUNDS
PE funds, venture capital limited partnerships (VCLPs) and early stage venture capital limited partnerships (ESVCLPs) are investment vehicles with unique features that require specialist legal advice.
Read More SERVICED STRATA SCHEMES
SERVICED STRATA SCHEMES
To avoid the need to register a management rights scheme as a managed investment scheme with ASIC and obtain an AFS licence to operate it, promoters and/or operators need to comply with ASIC’s class order relief.
Read More TIMESHARING AND FRACTIONAL OWNERSHIP SCHEMES
TIMESHARING AND FRACTIONAL OWNERSHIP SCHEMES
A fractional or shared ownership scheme is a form of time-sharing scheme, however, the investors are on the title to a property as a tenant-in-common with other investors, and potentially share in any capital gain (or loss) arising from the change in the property’s value.
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