Released 2 June 1999. Comment closed 19 July 1999. 

ASIC invites comment from participants in the managed investments industry and other interested persons on ASIC’s interim policy referred to in Policy Statement 130 Managed investments: Licensing at [PS 130.23A]. The interim policy applies where an offer of interests in a primary production managed investment scheme is made with an offer of rights regarding land on which the primary production activities of the scheme will occur. The interim policy is to insert the following condition in the licence issued to the responsible entity of a primary production managed investment scheme:

‘The licensee must ensure (in relation to each scheme) that an interest that confers the right, for the purpose of and for the duration of the scheme, to use the land on which any primary production will occur in the operation of the scheme:

• is registered as soon as possible after receipt of application moneys, in the name of the member, licensee or custodian (as appropriate) under State or Territory land titles law; and
• is registered such that it can not be adversely affected by any existing or subsequent mortgagee, secured creditor or transferee (other than in connection with a borrowing or other transaction that is entered into by the licensee in accordance with the constitution of the scheme).’

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See also Information release 03-34 on timber plantation schemes