Regulator Updates Funds Management Rules
The Australian Securities and Investment Commission has updated its regulatory guidance for fund managers ahead of the new Asia Region Funds Passport initiative.
The regulator has updated its regulatory guidance for fund managers to support the upcoming corporate collective investment vehicle (CCIV) regime, which will exist as an alternative to the existing managed investments structure.
Consultation Paper 296 Funds Management sets out Australian Securities and Investment Commission (ASIC’s) proposed new guidance for funds operating under the Asia Region Funds Passport regime and/or the CCIV regulation.
The guidance that has been updated covers topics including establishing and registering a fund, fund constitutions, compliance and oversight, asset holding, discretionary powers, and foreign passport fund powers.
«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 regimes,» said John Price ASIC commissioner.
