Requirements when closing a registered managed investment scheme

Winding up a scheme

A registered scheme can only be wound up in one of the following circumstances:

  • by a temporary responsible entity where a new responsible entity could not be appointed within the timeframes specified in the Corporations Act 2001
  • in accordance with conditions detailed in its constitution
  • at the direction of its members
  • where the scheme's purpose is accomplished or cannot be accomplished
  • by order of a court.

Download a copy of Form 5138 Notification of commencement or completion ofwinding up of a registered scheme, which must be lodged with us by the responsible entity within 14 days of:

  • the commencement of the winding up of a scheme, and also
  • the completion of the winding up of a scheme.

Unclaimed money or property following the winding up of a scheme

Deregistering a scheme

A responsible entity can only apply for deregistration of a scheme in one of the following circumstances:

  • the scheme has 20 or less members, all the members agree to the deregistration of the scheme, and there is no other requirement for the scheme to remain registered, or
  • all the issues of interests in the scheme were excluded issues (ie a product disclosure statement was not required) and all the members agree to the deregistration of the scheme, or
  • the scheme ceases to be a managed investment scheme.

If the responsible entity has determined that the scheme can be deregistered, it should lodge a copy of Form 6010A along with documentation that supports the case for deregistration.

After we approve the deregistration, we publish a notice about the proposed deregistration in the ASIC Gazette. Two months after the Gazette notice is published, we may deregister the scheme.

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Last updated: 04/07/2018 02:31