Closing a registered scheme

This page contains information on how to wind up and deregister a registered managed investment scheme (registered scheme).

Winding up a scheme

A registered scheme can only be wound up:

  • in accordance with conditions detailed in its constitution
  • at the direction of its members
  • when the scheme's purpose is accomplished or cannot be accomplished
  • when the members pass a resolution to remove the responsible entity and at the same meeting do not appoint a replacement responsible entity, or
  • by order of a court (see Part 5C.9 of the Corporations Act).

You must notify ASIC of the winding up of a registered scheme. You must lodge Form 5138 Notification of commencement or completion of winding up of a registered scheme.

The responsible entity must lodge the Form 5138 twice – within 14 days of:

  • the commencement of the winding up of a scheme
  • the completion of the winding up of a scheme.

On completion of the winding up there may be unclaimed or undistributed money. You must transfer this money to ASIC as soon possible, in accordance with the unclaimed money procedures.

Deregistering a scheme

A responsible entity can only apply for deregistration of a registered scheme when:

  • the scheme has 20 or fewer members, all the members agree to the deregistration of the scheme, and there is no other requirement for the scheme to remain registered
  • all the issues of interests in the scheme were excluded issues (i.e. a Product Disclosure Statement (PDS) 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 Application for voluntary deregistration of a managed investment scheme, 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: 08/09/2021 04:14