CP 37 Foreign collective investment schemes

Released 21 November 2002. Comment closed 28 February 2003.

This policy proposal paper sets out how we propose to exercise

our general exemption and modification powers under the

Corporations Act 2001 (Corporations Act) in relation to operators

of collective investment schemes that are authorised in other

jurisdictions and wish to operate in Australia. In this paper, we refer

to these schemes as “foreign collective investment schemes”

(FCIS).

Collective investment schemes are generally known in Australia as 'managed investment schemes' and are regulated by ASIC under

the Corporations Act. The Corporations Act requires:

certain managed investment schemes to be registered and to conform with certain structural and compliance requirements;
responsible entities of registered schemes to be licensed; and
certain disclosures to be made to retail investors in registered managed investment schemes.

This policy proposal paper sets out:

our general policy on relief from these Corporations Act requirements (Section A);
what specific relief is available (Section B); and
how to apply for relief (Section C).

We have also included three Schedules that outline:

what is a FCIS (Schedule 1);
additional questions about a FCIS operator’s home regulatory regime (Schedule 2); and
what relief is available for registered schemes investing in a FCIS (Schedule 3).

ASIC