The paper deals primarily with the establishment and ongoing operation of schemes and raises a broad range of governance, disclosure and regulatory issues. It follows on from a July 2012 CAMAC report that made wide‑ranging recommendations relating to the restructuring and winding up of financially stressed schemes. Together, the two documents cover every aspect of the managed investment scheme regime, to see whether it is relevant and, if so, appropriate, having regard to the development of managed investment schemes as significant entities in Australia’s commercial activities.
The CAMAC Convenor, Joanne Rees, said:
In taking this approach, CAMAC was also mindful of the Government’s commitment to the promotion of productivity, including by reducing regulatory burden on industry, consistent with its deregulatory agenda.
The paper explores ways to reduce compliance burdens. For instance, it raises the possibility of streamlining regulatory requirements by subsuming the compliance requirements for schemes into the broader risk management framework that encompasses those schemes. Also, the paper raises the possibility of extending ASIC’s modification powers to enable it to reduce regulatory requirements in appropriate cases.
In addition, the paper:
Other matters with which the paper deals include scheme registration, enforcement and amendment of the scheme constitution, the duties and entitlements of the responsible entity, scheme meetings, scheme takeovers and scheme reorganizations.
Copies of the discussion paper
Click here to download the discussion paper (PDF file, 1575 KB)
CAMAC invites written submissions on any aspect of its discussion paper by Friday 6 June 2014.
To make your submission, please download and use the templates provided here.
For further information, contact CAMAC at 02 9911 2950. Email: firstname.lastname@example.org