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Managed Investments Act 1998
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C2004C00970 C01
29 June 1998
-
09 March 2016
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1 Short title
2 Commencement
3 Review of operation of Act
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4 Schedules
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Schedule 1—New managed investments provisions and transitional provisions
Corporations Law set out in section 82 of the Corporations Act 1989
Chapter 5C—Managed investment schemes
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Part 5C.1¾Registration of managed investment schemes
601EA Applying for registration
601EB Registration of managed investment scheme
601EC All documents etc. lodged with ASC to bear ARSN
601ED When a managed investment scheme must be registered
601EE Unregistered schemes may be wound up
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Part 5C.2—The responsible entity
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Division 1¾Responsibilities and powers
601FA Responsible entity to be public company and hold dealers licence
601FB Responsible entity to operate scheme
601FC Duties of responsible entity
601FD Duties of officers of responsible entity
601FE Duties of employees of responsible entity
601FF Surveillance checks by ASC
601FG Acquisition of interest in scheme by responsible entity
601FH Liquidator etc. of responsible entity entitled to exercise indemnity rights
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Division 2—Changing the responsible entity
601FJ Changes only take effect when ASC alters record of registration
601FK Requirements of section 601FA must be met
601FL Retirement of responsible entity
601FM Removal of responsible entity by members
601FN ASC or scheme member may apply to Court for appointment of temporary responsible entity
601FP Appointment of temporary responsible entity by Court
601FQ Temporary responsible entity to take steps for appointment of new responsible entity
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Division 3¾Consequences of change of responsible entity
601FR Former responsible entity to hand over books and provide reasonable assistance
601FS Rights, obligations and liabilities of former responsible entity
601FT Effect of change of responsible entity on documents etc. to which former responsible entity is party
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Part 5C.3—The constitution
601GA Contents of the constitution
601GB Constitution must be legally enforceable
601GC Changing the constitution
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Part 5C.4—The compliance plan
601HA Contents of the compliance plan
601HB Compliance plan may incorporate provisions from another scheme’s plan
601HC Directors must sign lodged copy of compliance plan
601HD ASC may require further information about compliance plan
601HE Changing the compliance plan
601HF ASC may require consolidation of compliance plan to be lodged
601HG Audit of compliance plan
601HH Removal and resignation of auditors
601HI Action on change of auditor of compliance plan
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Part 5C.5—The compliance committee
601JA When is a compliance committee required?
601JB Membership of compliance committee
601JC Functions of compliance committee
601JD Duties of members
601JE Compliance committee members have qualified privilege in certain cases
601JF When can responsible entity indemnify compliance committee members?
601JG When can responsible entity pay insurance premiums for compliance committee members?
601JH Proceedings of compliance committee
601JJ Disclosure of interests
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Part 5C.6—Members’ rights to withdraw from a scheme
601KA Members’ rights to withdraw
601KB Non-liquid schemes—offers
601KC Non-liquid schemes—only one withdrawal offer to be open at any time
601KD Non-liquid schemes¾how payments are to be made
601KE Non-liquid schemes¾responsible entity may cancel withdrawal offer
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Part 5C.7—Related party transactions
601LA Part 3.2A applies with modifications
601LB Replacement section 243A
243A Object
601LC Replacement section 243H
243H Prohibited financial benefits to responsible entity and related party
601LD Omission of sections 243L, 243M and 243ZF
601LE Modification of section 243ZB
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Part 5C.8—Effect of contraventions (civil liability and voidable contracts)
601MA Civil liability of responsible entity to members
601MB Voidable contracts where subscription offers and invitations contravene this Law
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Part 5C.9—Winding up
601NA Winding up required by scheme’s constitution
601NB Winding up at direction of members
601NC Winding up if scheme’s purpose accomplished or cannot be accomplished
601ND Winding up ordered by Court
601NE The winding up of the scheme
601NF Other orders about winding up
601NG Unclaimed money to be paid to ASC
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Part 5C.10—Deregistration
601PA Deregistration¾voluntary
601PB Deregistration by ASC
601PC Reinstatement
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Part 5C.11—Exemptions and modifications
601QA ASC’s power to make exemption and modification orders
601QB Modification by regulations
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Division 11—Changes resulting from the Managed Investments Act 1998
1451 Definitions
1452 Division applies to prescribed interests in existence immediately before commencement
1453 Application of new Law to interests covered by approved deed immediately before commencement
1454 Old Law continues to apply for 2 years or until scheme registered
1455 Retirement from office of trustee or representative or management company
1456 What happens when one of the bodies receives a retirement notice
1457 What happens if neither of the bodies gives a retirement notice
1458 Winding up of the undertaking
1459 Other orders about winding up
1460 Powers of proposed responsible entity
1461 Meeting procedures
1462 Transfer of rights, obligations and liabilities
1463 Indemnification of trustee or representative for transfer of scheme property
1464 Application of paragraphs 601JA(2)(c) and 601JB(2)(b) of new Law to officers or employees of body that does not become scheme’s responsible entity
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1465 References to prescribed interests etc. in existing laws and documents
Schedule 2—Consequential amendments
Part 1—Amendment of the Corporations Law set out in section 82 of the Corporations Act 1989
68A Exempt interests in managed investment schemes in relation to a jurisdiction
167A Who is covered by this Chapter
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Division 1A—Appointment and removal of auditors (registered schemes)
331AA Qualifications of auditors
331AB Appointment of auditors
331AC Removal and resignation of auditors
331AD Effect of winding up an office of auditor
331AE Fees and expenses of auditors
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Division 1—Dealers, investment advisers and operators of managed investment schemes
825A Power to revoke responsible entity’s licence without a hearing
1002H Exception for withdrawal from registered scheme
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Division 5—Compensation for loss suffered by corporation or registered scheme
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1343A Disposal of interests in registered scheme if whereabouts of member unknown
Part 2—Amendment of the Australian Securities and Investments Commission Act 1989
39A Commission may give copy of book relating to registered scheme to another person
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Part 3A¾Enforceable undertakings in relation to registered schemes
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93A Undertakings by responsible entity
Part 3—Amendment of the Pooled Development Funds Act 1992
