ASIC has published Information Sheet 220 Managed Investment Schemes: Common registration issues (INFO 220) to better assist scheme operators in the preparation of scheme constitutions.
INFO 220 explains the common issues ASIC identifies in the content of managed investment scheme constitutions during the registration process, and discusses how ASIC addresses them, including:
- definition of a scheme member;
- fees and expenses;
- member withdrawal from the scheme;
- timeframes for withdrawal payment; and
- independent final audit when the scheme is wound up.
See also ASIC’s media release dated 24 May 2017.