March 2014

CAMAC Discussion Paper - potential changes to managed investment schemes

The Corporations and Markets Advisory Committee (CAMAC) has released a Discussion Paper regarding the regulation of managed investment schemes.

Overview

The Discussion Paper follows on from a CAMAC Report issued in 2012 and considers a wide range of issues relevant to the establishment and operation of managed investment schemes. 

Among other things, the Discussion Paper considers:

  • Changing the definitions of ‘managed investment scheme’, ‘member’ and ‘secured property’

  • Deficiencies in the governing framework for managed investment schemes

  • Other matters relating to scheme members, disclosure, takeovers and reorganisations, regulatory powers and enforcement issues

Underlying theme – reduce compliance burdens

CAMAC’s stated objective is to explore ways of reducing compliance burdens for scheme operators which will promote productivity.

For this reason, the Discussion Paper considers the alignment (unless there are compelling reasons not to) of the regulatory regime applicable to managed investment schemes with that which applies to companies.

What’s next?

CAMAC has issued an invitation for written submissions from the public.  The submissions are due by 6 June 2014.

Bartier Perry will continue to monitor developments in this area.