ASIC has released updated versions of seven regulatory guides that incorporates information about the new Asia Region Funds Passport.
In a statement, the corporate regulator announced it had updated seven regulatory guide documents that were relevant to the funds management industry.
The particular guides updated and released by ASIC are RG 131 (Funds management: Establishing and registering a fund), RG 132 (Funds management: Compliance and oversight), RG 133 (Funds management and custodial services: Holding assets), RG 134 (Funds management: Constitutions), RG 136 (Funds management: Discretionary powers), RG 137 (Constitution requirements for schemes registered before 1 October 2013) and RG 138 (Foreign passport funds).
“The guidance has been updated for changes arising from the Asia Region Funds Passport and brings all of ASIC’s funds management policies up to date to help promote industry-wide consistency,” said the ASIC statement.
“The updates are designed to help the funds management industry to access the Asia Region Funds Passport. The passport is designed to provide investors with access to funds from participating economies throughout the Asia region.”
In March 2018, the government tabled legislation that would enable the Asia Region Funds Passport.
The regulatory guides include both administrative as well as “substantive” changes, according to ASIC.
The updated guides also includes further information on the regulator’s decision-making process for the registration of a managed investment scheme or passport fund as well as case studies on various compliance issues.
The new regulatory guides do not yet accommodate for the corporate collective investment vehicle (CCIV) regime as the relevant legislation has yet to pass Parliament.
“ASIC will review and re-release these seven regulatory guides to include material for the new CCIV regime after this regime is implemented into Australian law.”
The new regulatory guides are available on the ASIC website.
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