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Managed investment
schemes
What are managed investment schemes?
Registering a scheme
Compliance plans
Auditing compliance plans
Appointing and ceasing an auditor of a
scheme
Annual statements and solvency
resolutions
Lodging the financial accounts and
audit of a scheme
Applying for relief
Changing the name of a scheme
Modifying or replacing constitutions
Winding up a scheme
Deregistering a scheme
ASIC's policy on managed
investments
What are managed investment schemes?
Managed investment schemes are also known as
'managed funds', 'pooled investments' or 'collective investments'.
Generally in a managed investment scheme:
- people are brought together to contribute
money to get an interest in the scheme ('interests' in a scheme are
a type of 'financial product' and are regulated by the Corporations
Act 2001)
- money is pooled together with other investors
(often many hundreds or thousands of investors) or used in a common
enterprise
- a 'responsible entity' operates the scheme.
Investors do not have day to day control over the operation of the
scheme.
Managed investment schemes cover a wide variety
of investments. Some of the popular managed investment schemes that
may be offered include:
- cash management trusts
- property trusts
- Australian equity (share) trusts
- many agricultural schemes (eg horticulture,
aquaculture, commercial horse breeding)
- international equity trusts
- some film schemes
- timeshare schemes
- some mortgage schemes
- actively managed strata title schemes.
What types of investments are NOT managed
investments schemes?
Generally, only investments that are 'collective'
are managed investment schemes. Some examples of investments that are
not managed
investments schemes include:
- regulated superannuation funds
- approved deposit funds
- debentures issued by a body corporate
- barter schemes
- franchises
- direct purchases of shares or other equities
- schemes operated by an Australian bank in the
ordinary course of banking business (eg term deposit).
For information about investing in managed investment schemes go to
our consumer website, FIDO
Registering a managed investment scheme
New managed investment schemes must be registered
with us before they can operate. To register a scheme the proposed
responsible entity must be:
- a registered Australian public company, and
- hold an Australian financial services (AFS)
licence authorising the responsible entity to operate the scheme.
If the proposed responsible entity does not hold
an AFS licence authorising it to operate the scheme, it should ensure
an application for an AFS licence, or variation of an existing licence,
has been submitted to us before applying for registration of the
scheme.
How to apply for an AFS licence or variation of a current licence
For more information read:
How to register a scheme
Download a copy of
form 5100.
On the registration form you will be asked to
describe how scheme funds will be applied and what investment
strategies are likely to be adopted.
Scheme kinds identified for licensing purposes are:
- financial assets - this category includes
cash, fixed interest securities, equities and related securities,
property securities, and schemes that invest in interests in managed
investment schemes
- derivatives
- mortgages
- member discretionary master funds and similar
schemes
- primary production - these schemes will be
further categorised according to the type of scheme eg horticulture,
aquaculture and forestry
- film schemes
- time-sharing schemes
To register a scheme, make sure you send us:
| 1. |
The completed application form
and fee payment of $2010 |
| 2. |
A copy of the scheme's
constitution (as defined by s601GA).
For more information read
Policy Statement 134 Managed
Investments: Constitutions [PS 134] |
| 3. |
A copy of the scheme's
compliance plan (as defined by s601HA and signed in accordance
with s601HC).
For more information read:
|
| 4. |
A statement signed by the
directors of the proposed responsible entity using ASIC
Form 5103 that:
(a) the scheme's constitution complies with
s601GA and 601GB; and
(b) the scheme's compliance plan complies with
s601HA. |
| 5. |
An annexure that cross
references the contents of a constitution required by s601GA and
s601GB to the equivalent provisions in the scheme's constitution. |
| 6. |
An extra photocopy of the
completed application and each of the above documents. |
Send these to:
Australian Securities & Investments
Commission,
GPO Box 9827
In your capital city.
Compliance plans
Policy Statement 132
Managed investments: Compliance plans
[PS 132] gives you guidance on how to prepare a compliance plan for a
managed investment scheme. It includes, as an annexure, illustrative
guidance on what might be included in a compliance plan.
Download a copy of [PS 132] as a PDF file
Commentaries
You'll prepare more effective compliance plans
after you've read our commentaries, which summarise the better plans
we've received over the last two years from the managed investments
industry. Read our comments
and examples
when preparing your next plan. Download a copy
of our commentaries on compliance plans for:
We released these commentaries on 15 April 2004.
For more information, read our
Information release 04-15.
Auditing compliance plans
Responsible entities must appoint an auditor of the
compliance plan. The auditor must conduct an audit of the compliance
plan within 3 months of the end of the financial year of the
registered scheme and provide a report to the responsible entity.
Responsible entities must lodge their compliance
plan audit report with us, together with a copy of
Form 5111, within three months of the end of the financial year. A
lodgement fee of $33 is applicable. There are penalties for failing to
lodge these reports on time.
ASIC monitors the lodgement of these reports on an
ongoing basis. You may be contacted by us for an explanation of why
you have not lodged your report on time.
Appointing or ceasing an auditor of a
scheme
Download a copy of the form as a PDF file:
|
5131 |
Application
for appointment of scheme auditor by member of a registered scheme
|
|
5132 |
Application
for consent from ASIC for resignation or removal of scheme auditor
|
|
5133 |
Notification
of resignation, removal or cessation of a registered scheme
auditor |
|
5137 |
Notification
of appointment of scheme auditor |
Mail your form and the fee stated in the guide to
the form to:
Annual statements and solvency
resolutions
Annual returns were abolished in 2003 and replaced
with an annual statement.
Within 2 weeks of your review date (usually the
anniversary of your company's or scheme's registration date) you'll
receive either:
- a paper copy of your annual statement through
the post, or
- if you're registered to lodge forms online,
an email telling you that your annual statement is now available for
viewing online.
A response is only required if the particulars
in the annual statement are incorrect
More information about annual statements and solvency resolutions
Lodging the financial accounts and
audit of a scheme
Responsible entities must prepare a financial
report and directors' report each financial year for all registered
schemes and lodge them with a copy of
Form 388 with us.
Registered schemes that have to prepare or obtain a
report for a financial year (this includes the financial report,
directors' report and auditor's report) must lodge the report with us.
The time for lodgement is within 3 months after the end of the
financial year.
Applying for relief
For information about applying for relief, go to
our
financial reporting homepage.
Changing the name of a scheme
To change the name of a scheme, its responsible
entity must lodge a copy of
Form 5140 with us. The proposed name of the scheme must not be the
same as the name of a registered or proposed scheme for which an
application has already been lodged.
As the name of a scheme is reflected in the
scheme's constitution, the responsible entity must also lodge a deed
of amendment showing the name change: see modifying or replacing
constitutions below for details.
Modifying or replacing constitutions
The responsible entity must lodge with usa copy of
the modification or the new constitution. The modification, or repeal
and replacement, cannot take effect until the copy has been lodged.
The responsible entity must also lodge with us a
consolidated copy of the scheme's constitution if we direct it to do
so.
Download a copy of
Form 5101 and lodge it with the modification or new constitution
and the fee stated in the guide to the form by mailing to:
or
Winding up a scheme
A registered scheme can only be wound up in one of
the following circumstances:
- by a temporary responsible entity where a new
responsible entity could not be appointed within the timeframes
specified in the Corporations Act 2001
- in accordance with conditions detailed in its
constitution
- at the direction of its members
- where the scheme's purpose is accomplished or
cannot be accomplished
- by order of a court.
Download a copy of
Form 5138, which must be lodged with us by the responsible entity
within 14 days of:
- the commencement of the winding up of a
scheme, and also
- the completion of the winding up of a scheme.
The lodgement fee for each notification is $33.
Deregistering a scheme
A responsible entity can only apply for
deregistration of a scheme in one of the following circumstances:
| 1. |
the scheme has 20 or less
members, all the members agree to the deregistration of the
scheme, and there is no other requirement for the scheme to remain
registered, or |
| 2. |
all the issues of interests in
the scheme were excluded issues (ie a product disclosure statement
was not required) and all the members agree to the deregistration
of the scheme, or |
| 3. |
the scheme ceases to be a
managed investment scheme. |
If the responsible entity has determined that the
scheme can be deregistered, it should lodge a copy of
Form 6010A along with documentation that supports the case for
deregistration and a fee of $33.
After we approve the deregistration, we publish a
notice about the proposed deregistration in the ASIC Gazette. Two
months after the Gazette notice is published, we may deregister the
company.
ASIC's policy on managed investments
Download a copy of the following policy statements
as PDF files:
Policy Statement 130 Managed
investments: Licensing [PS 130]
Policy Statement 131 Managed
investments: Financial requirements [PS
131]
Policy Statement 132 Managed
investments: Compliance plans [PS 132]
Policy Statement 133 Managed
investments: Scheme property arrangements
[PS 133]
Policy Statement 134 Managed
investments: Constitutions [PS 134]
Policy Statement 135 Managed
investments: Transitional issues [PS
135]
Policy Statement 136 Managed
investments: Discretionary powers and closely related schemes
[PS 136]
Policy Statement 140 Serviced strata
schemes [PS 140]
Policy Statement 144 Mortgage
investment schemes [PS 14]
Policy Statement 148 Investor
directed portfolio services [PS 148]
Policy Statement 149 Nominee and
custody services [PS 149]
Summary Policy Statement 160
Time-sharing schemes [PS 160]
Policy Statement 178 Foreign
collective investment schemes [PS 178]
Policy Statement 179 Managed
discretionary account services [PS 179]
You can also subscribe to our publication
ASIC Managed Investment Handbook.
It contains these policy statements together with
associated class orders and pro formas that grant relief from the
relevant provisions of the law.
More information about subscribing to the
ASIC Managed Investment Handbook
More information
What we're telling consumers about managed investment schemes on our
consumer website, FIDO
Frequently asked questions about managed investment
schemes
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