ASIC releases funds management updated guidance
The Australian Securities and Investments Commission (ASIC) has released a suite of new and updated guidance for the funds management industry for consultation.
The six new and updated regulatory guides have been developed ahead of the upcoming new Asia Region Funds Passport and corporate collective investment vehicle (CCIV) legislation. ASIC also said it would bring its funds management policy up to date across the board.
ASIC commissioner, John Price, said that the updated guidance aimed to provide updated advice while also decreasing regulatory burden.
“We saw a real opportunity to substantially update and consolidate our main regulatory guides that apply to managed investment schemes as part of considering what policy should be for the new CCIV and Asia Region Funds Passport regime,” Price said.
“Our aim is to provide clarity and reduce duplication on matters in relation to funds management.”
ASIC has proposed to consolidate its core guidance for the funds management industry into six regulatory guides covering topics including:
- Establishing and registering a fund;
- Constitutions;
- Compliance and oversight;
- Asset holding;
- How ASIC would exercise its exemption or modification powers and common forms of relief it grants; and
- Entry and ongoing requirements for foreign passport funds.
The guidance would apply to managed investment schemes, CCIVs, Australian passport funds, and certain other Australian financial services licensees involved in funds management.
ASIC said it would develop an information sheet on funds management governance considerations and make other minor amendments to other regulatory guides.
It would be holding an information session for fund managers about the updated guidance.
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