Released 30 May 2007. Comments closed 15 August 2007.

This consultation paper sets out our proposals for class order relief for trustees of certain wholesale equity schemes from the requirement to hold an Australian financial services (AFS) licence to provide for the members of the scheme a custodial or depository service and to deal in financial products they hold on trust. We expect our proposals to be particularly relevant to venture capital schemes. The Appendix provides more background on the application of the AFS licence regime under the Corporations Act 2001 to wholesale equity schemes.

The relief we are consulting about relates to schemes that have a manager who accepts responsibility for the trustee’s compliance and is an AFS licensee who is a related body corporate of the trustee.

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