The corporate regulator has updated its regulatory guidance for fund managers to support the upcoming CCIV regime, which will exist as an alternative to the existing managed investments structure.
Consultation Paper 296 Funds Management lays out ASIC’s proposed new guidance for funds operating under the Asia Region Funds Passport regime and/or the CCIV regulation.
The guidance that has been updated covers topics including establishing and registering a fund, fund constitutions, compliance and oversight, asset holding, discretionary powers, and foreign passport fund powers.
ASIC commissioner John Price said: “We saw a real opportunity to substantially update and consolidate our main regulatory guides that apply to managed investment schemes as part of considering what policy should be for the new CCIV and Asia Region Funds Passport regimes.
“Our aim is to provide clarity and reduce duplication on matters in relation to funds management.”
ASIC will be hosting industry briefings around the country on the proposed changes on 24 November 2017. Comments on the consultation paper are due on 8 December 2017.
