25 November 2020
ASIC has released Information Sheet 251 AFS licensing requirement for trustees of unregistered managed investment schemes (INFO 251) for trustees of unregistered managed investment schemes that issue, vary or dispose of interests in unregistered schemes that are financial products.
INFO 251 outlines:
- the AFS licensing requirements in the Corporations Act 2001 (Corporations Act) that apply to a trustee of an unregistered scheme that issues, varies or disposes of interests in unregistered schemes that are financial products; and
- limits in the scope of the exemptions from the AFS licensing requirements in sections 911A(2)(a) and (b) of the Corporations Act.