ASIC has published a new information sheet to explain the common issues we identify in the content of managed investment scheme (scheme) constitutions during the registration process, and how we address these issues.
Since 1 October 2013, ASIC has considered the contents of over 700 constitutions as part of assessing whether to register a scheme. We have identified some areas where we regularly ask for amendments during the registration process. These are:
- definition of a scheme member
- fees and expenses
- member withdrawal from the scheme
- timeframes for withdrawal payment
- independent final audit when the scheme is wound up.
Information Sheet 220 Managed investment schemes – common registration issues (INFO 220) discusses each of these areas in more detail and provides guidance for scheme operators on how ASIC addresses these issues to better assist them in the preparation of scheme constitutions.