ASIC has issued Class Order [CO 07/753] . This class order provides operators of collective investment schemes authorised by the Monetary Authority of Singapore (MAS) with conditional relief from managed investment scheme registration requirements, Australian financial services license requirements, and certain financial product disclosure requirements under the Corporations Act (the Act).
CO 07/753 will enable Singaporean collective investment schemes authorised in Singapore by MAS to offer investments to retail clients in Australia.
This relief is provided in accordance with ASIC’s policy on recognition of foreign collective investments schemes, set out in Regulatory Guide 178 Foreign collective investment schemes (RG 178). Under RG 178, ASIC provides conditional registration, licensing and product disclosure relief to foreign collective investment scheme operators where:
- the operator’s home regulatory regime is sufficiently equivalent to the Australian regulatory regime;
- ASIC has effective cooperation arrangements with the operator’s home regulator; and
- Australian investors have practical access to rights and remedies should the foreign operator breach any of the relevant provisions of its home regulatory regime.
The relief in CO 07/753 is subject to the standard conditions of relief under RG 178. ASIC has also additionally imposed a condition requiring Singaporean operators and their agents and representatives relying on the relief to comply with the Singaporean regulatory regime regarding their conduct in Australia.
Singaporean operators are required to meet Australian requirements for dispute resolution including being a member of an ASIC-approved external dispute resolution scheme.
Lodgement of documents under the Class Order
Our preferred method of lodgement is to email a copy of the document to applications@asic.gov.au.
Alternatively, send the paper copy to:
Manager – Applications
Australian Securities and Investments Commission
GPO Box 9827 in your capital city
AUSTRALIA
Download Class Order [CO 07/753]