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Managed investment schemes – including managed funds, listed and unlisted property trusts, infrastructure funds, mortgage funds and agribusiness schemes – occupy a significant place in the Australian economy. These collective investment vehicles raise particular structuring, governance and regulatory issues, many of which became apparent during the Global Financial Crisis (GFC). This subject will provide participants with a detailed understanding of the legal and regulatory framework within which managed investment schemes operate and the policy imperatives that underpin it. The lecturer is Australia’s leading expert on managed investments, and a former Regional Commissioner of the Australian Securities and Investments Commission.
Principal topics include:
- Regulatory principles
- The definition of MIS and the scope of regulation
- The registration requirement
- The constitution and compliance plan: Contents and effect
- The responsible entity: Qualifications, duties and liability
- Directors of the responsible entity: Duties and liability
- Scheme governance
- Offer, issue and redemption of interests
- Members’ remedies
- ASIC powers
- Issues in MIS insolvency.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have a detailed knowledge of the law regulating the establishment and conduct of managed investments schemes; in particular, the provisions of Chapter 5C and Chapter 7 of the Corporations Act 2001 (Cth) and the key Australian Securities and Investments Commission (ASIC) Policy Statements
- Understand the complex relationship between the statutory provisions and the general law of trusts
- Understand the policy considerations shaping the development of law and regulation of collective investments.
Last updated: 17 March 2020