Running a managed investments scheme

Auditing compliance plans
Appointing and ceasing an auditor of a scheme
Annual statements and solvency resolutions
Lodging the financial accounts and audit of a scheme
Applying for relief
Changing the name of a scheme
Modifying or replacing constitutions
Modifying or replacing compliance plans
Regulatory documents on managed investments
More information

Auditing compliance plans

Responsible entities must appoint an auditor of the compliance plan. The auditor must conduct an audit of the compliance plan within 3 months of the end of the financial year of the registered scheme and provide a report to the responsible entity.

Responsible entities must lodge their compliance plan audit report with us, together with a copy of Form 5111

, within three months of the end of the financial year. A lodgement fee of $33 is applicable. There are penalties for failing to lodge these reports on time.

ASIC monitors the lodgement of these reports on an ongoing basis. You may be contacted by us for an explanation of why you have not lodged your report on time.

Appointing or ceasing an auditor of a scheme

Download a copy of the form as a PDF file:

5131	Application for appointment of scheme auditor by member of a registered scheme
5132	Application for consent from ASIC for resignation or removal of scheme auditor
5133	Notification of resignation, removal or cessation of a registered scheme auditor
5137	Notification of appointment of scheme auditor

Mail your form and the fee stated in the guide to the form to:

Australian Securities & Investments Commission

GPO Box 9827

In your capital city.

Resignation and removal of auditors of registered shemes or compliance plans

Annual statements and solvency resolutions

Annual returns were abolished in 2003 and replaced with an annual statement.

Within 2 weeks of your review date (usually the anniversary of your scheme's registration date) you'll receive a paper copy of your annual statement through the post. A response is only required if the particulars in the annual statement are incorrect.

More information about annual statements

Lodging the financial accounts and audit of a scheme

Responsible entities must prepare a financial report and directors' report each financial year for all registered schemes and lodge them with a copy of Form 388

with us.

Registered schemes that have to prepare or obtain a report for a financial year (this includes the financial report, directors' report and auditor's report) must lodge the report with us. The time for lodgement is within 3 months after the end of the financial year.

More information on financial reporting

Applying for relief

Changing the name of a scheme

To change the name of a scheme, its responsible entity must lodge a copy of Form 5140

with us. The proposed name of the scheme must not be the same as the name of a registered or proposed scheme for which an application has already been lodged.

As the name of a scheme is reflected in the scheme's constitution, the responsible entity must also lodge a deed of amendment showing the name change: see modifying or replacing constitutions below for details.

Modifying or replacing constitutions

The responsible entity must lodge with us a copy of the modification or the new constitution. The modification, or repeal and replacement, cannot take effect until the copy has been lodged.

The responsible entity must also lodge with us a consolidated copy of the scheme's constitution if we direct it to do so.

Download a copy of Form 5101

and lodge it with the modification or new constitution and the fee stated in the guide to the form by mailing to:

Australian Securities & Investments Commission

GPO Box 9827

In your capital city

ASIC Information and Processing Centre

PO Box 4000

Gippsland Mail Centre

VIC 3841.

Modifying or replacing compliance plans

A responsible entity must lodge a copy of a modification or replacement compliance plan with us within 14 days after the modification is made or the compliance plan is repealed accompanied by the prescribed fee of $33.

Each director of the responsible entity must sign the modification or replacement compliance plan for us to accept lodgement. A modification or replacement compliance plan may be signed by an agent of the directors. In this case, the agent's authority or copy of the agent's authority verified by a director of the responsible entity must be lodged.

We can request a responsible entity lodge a consolidated copy of a compliance plan with us.

A modified or replacement compliance plan should describe how the responsible entity will comply with its legal obligations and the constitution. For more information see:

Regulatory Guide 132 Managed investments: Compliance plans [formerly PS 132]

Regulatory Guide 116 Commentary on compliance plans: Agricultural industry schemes

Regulatory Guide 117 Commentary on compliance plans: Financial asset schemes

Regulatory Guide 118 Commentary on compliance plans: Contributory mortgage schemes

Regulatory Guide 119 Commentary on compliance plans: Pooled mortgage schemes

Regulatory Guide 120 Commentary on compliance plans: Property schemes

Lodge a modification or replacement compliance plan by mailing it to:

Australian Securities and Investments Commission
GPO Box 9827
In your capital city

or

ASIC Information and Processing Centre
PO Box 4000
Gippsland Mail Centre
VIC 3841

ASIC's regulatory documents on managed investments

For a topic index of our regulatory documents and class orders on managed investments go to our managed investments road map.

You can download a copy of the following regulatory guides:

Regulatory Guide 104 Licensing: Meeting the general obligations

Regulatory Guide 105 Licensing: Organisational competence

Regulatory Guide 132 Managed investments: Compliance plans [formerly PS 132]

Regulatory Guide 133 Managed investments: Scheme property arrangements [formerly PS 133]

Regulatory Guide 134 Managed investments: Constitutions [formerly PS 134]

Regulatory Guide 135 Managed investments: Transitional issues [formerly PS 135]

Regulatory Guide 136 Managed investments: Discretionary powers and closely related schemes [formerly PS 136]

Regulatory Guide 140 Serviced strata schemes [formerly PS 140]

Regulatory Guide 144 Mortgage investment schemes [formerly PS 144]

Regulatory Guide 148 Investor directed portfolio services [formerly PS 148]

Regulatory Guide 149 Nominee and custody services [formerly PS 149]

Regulatory Guide 160 Time-sharing schemes [formerly PS 160]

Regulatory Guide 166 Financial requirements [formerly PS 166]

Regulatory Guide 178 Foreign collective investment schemes [formerly PS 178]

Regulatory Guide 179 Managed discretionary account services [formerly PS 179]

You can also subscribe to our publication ASIC Managed Investment Handbook. It contains these regulatory guides together with associated class orders and pro formas that grant relief from the relevant provisions of the law.

More information about subscribing to the ASIC Managed Investment Handbook

More information

Starting a scheme

Closing a scheme

Uncontactable members of a registered scheme

Frequently asked questions

Financial services homepage

Media releases about managed investment schemes by topic

What we're telling consumers about managed investment schemes on our consumer website, FIDO

ASIC Website: Printed 03/13/2010

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