ASIC amends managed investments class order
Responsible entities of listed managed investment schemes will soon be able to issue discounted interests to their associates under class order changes announced by the Australian Securities and Investments Commission (ASIC).
ASIC director of applications and licensing John Price said this would allow a responsible entity to issue discounted interests to an associate who is the underwriter of a placement or a rights issue of interests of a scheme in some circumstances.
“It also allows associates of the responsible entity to participate in placements where they acquire the interests in a non-beneficial capacity,” he said.
Technical changes to the class order — [CO 05/26] Constitutional provisions about the consideration to acquire interests — have also been made to improve its operation.
The class order will commence after it has been recorded on the Federal Register of Legislative Instruments, although copies are now available from ASIC’s website.
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