Download Chapter 16 - Corporations and Markets Advisory Committee

Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
Chapter 16
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Minor matters
Template for submissions
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16.1 Definition of ‘class of interests’ in a managed investment scheme
Question 16.1.1
Should the Corporations Act specify circumstances in which there are separate classes of interests in a
managed investment scheme and, if so, what should those circumstances be?
Submission
Question 16.1.2
Should the Corporations Act specify circumstances that should not be taken to give rise to separate
classes of interests in a managed investment scheme and, if so, what should those circumstances be?
Submission
Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
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Question 16.1.3
Should there be an express curative power for the court to review a decision that relied on an incorrect
categorization of the classes of interests in the scheme and to validate any actions taken pursuant to
that decision?
Submission
16.2 Exception from the definition of ‘managed investment scheme’ for
intra-group schemes
Question 16.2.1
Should the exception from the definition of ‘managed investment scheme’ for intra-group schemes be
amended and, if so, in what way? Please provide reasons for favouring or not favouring an
amendment to this exception and for any amendment proposed.
Submission
16.3 Application of the definition of ‘securities’ to interests in schemes
Question 16.3.1
Should the requirement for the annual report of a listed company to explain a grant of primary
interests in managed investment schemes that does not depend on performance also apply to
secondary interests in a scheme?
Submission
Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
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Question 16.3.2
Are there any other regulatory provisions in the Corporations Act relating to ‘securities’ that should,
but currently do not, apply to primary and/or secondary interests in managed investment schemes?
Submission
16.4 Definition of ‘client’
Question 16.4.1
Should the Corporations Act make it clear that a member of a managed investment scheme is a
‘client’ for the purposes of the financial services provisions in Chapter 7 of the Act and, if so, how? In
particular, should any clarification relate only to scheme members or be a broader definition of
‘client’ in relation to financial products generally?
Submission
16.5 Definition of ‘rights issue’
Question 16.5.1
Should the definition of ‘rights issue’ be amended to protect the right of residents of a particular
jurisdiction to participate in a rights issue unless it would be unreasonable to require that those
residents have that right?
Submission
Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
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Question 16.5.2
Should the definition of ‘rights issue’ be amended to apply to rights issues in relation to unregistered
schemes and, if so, how?
Submission
16.6 Application of the disclosing entity provisions to managed investment
schemes
Question 16.6.1
Should the 100 person test be replaced with a test that contains a monetary criterion (for instance, that
the scheme has members who acquired their interests as retail clients and involves more than
$10 million in assets or satisfies a similar monetary criterion)?
Submission
16.7 Failure to fulfil minimum subscription conditions
Question 16.7.1
Should the return of application money on non-fulfilment of a condition be covered solely by
s 1016E, which provides alternative approaches to the reimbursement of investors?
Submission
Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
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Question 16.7.2
If so, should s 1016E be amended to provide a time within which the money must be repaid?
Submission
16.8 Right of investors to avoid subscription contracts
Question 16.8.1
Should the right for investors to void a contract to subscribe for interests in a scheme be amended and,
if so, how? For instance, should the right:

be excluded for non-compliance with a PDS

be replaced with a right for the investor to seek damages from specified parties who were
involved in the original contravention

incorporate a clear time limit for its exercise and, if so, what should that time limit be?
Submission
Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
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16.9 Certificates of interests
Question 16.9.1
Should the RE of a registered scheme be required to issue certificates of interests in the scheme to
persons who acquire interests in the scheme?
Submission
16.10 Obligations to assist those having supervisory responsibilities
Question 16.10.1
What amendments, if any, should be made to the provisions imposing obligations to give assistance to
ASIC, the auditor of the compliance plan and the compliance committee in relation to compliance?
Submission
16.11 Reporting breaches to ASIC
Question 16.11.1
What is the appropriate period within which the RE should report breaches of the law (including
breaches of licence conditions) to ASIC?
Submission
Template for submissions on Managed Investment Schemes Discussion Paper Chapter 16 (Minor matters)
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Question 16.11.2
Should the RE’s reporting obligation extend to any law of the Commonwealth, a State or a Territory?
Submission
Other comments
Please insert any other comments you may have on the matters covered in this chapter.
Submission