Our experienced Funds Management team regularly publishes articles and updates - the full list of publications appears below. These publications provide a snapshot of the latest legislation, court cases, policy changes and contentious issues affecting the property and investment industries. If you'd like to be notified when we add new funds management publications to the site, please go to our subscription page to sign up for email alerts or, alternatively, you can subscribe to our RSS feed.
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- 02 February 2012
Focus: Additional disclosure by infrastructure entities for retail investorsIn response to some highly publicised retail investor losses, the Australian Securities and Investments Commission has introduced new disclosure benchmarks and principles applying to listed and unlisted infrastructure entities. Partner Susan Burns and Senior Associate Marc Kemp examine the changes
- 22 November 2011
Focus: New financial requirements for responsible entitiesRecently, the Australian Securities and Investments Commission issued a new class order that will change the financial requirements that apply to responsible entities of managed investment schemes. Partner Penny Nikoloudis, Senior Associate Marc Kemp and Lawyer Elizabeth Lee comment on the new requirements
- 13 October 2011
Focus: Getting your constitutional amendment right- the Centro decisionA recent NSW Supreme Court decision held that, in the context of a restructure, a responsible entity was not required to seek members' approval to amend the provisions of the scheme constitution dealing with the issue price of units. As Partner Penny Nikoloudis and Senior Associate Zoe Green report, although the case removes a great deal ofuncertainty, it is stilladvisable for a responsible entity to proceed with caution before acting unilaterally
- 18 July 2011
Focus: ASIC's proposed changes to disclosure rules for unlisted property schemesNew disclosure benchmarks and clarification of existing disclosure principles applying to unlisted property schemes are some of the changes the Australian Securities and Investments Commission has proposed to disclosure rules for unlisted property schemes offered to retail investors. Partner Penny Nikoloudis, Senior Associate Georgina Perry and Lawyer Evan Bendelstein examine the proposed changes and the effect that the changes, if implemented, could have on responsible entities of unlisted property schemes
- 15 July 2011
Focus: Amending scheme constitutions - the most recent Federal Court decision on section 601GCA recent decision of the Federal Court held that, in the context of a capital raising, a responsible entity was required to seek the approval of its members to amend the provisions of the scheme constitution dealing with the issue price of units. Partner Penny Nikoloudis, Senior Associate Marc Kemp and Lawyer Lisa Bau report
- 03 May 2011
Focus: Government announces further financial advice reformsThe Federal Government has announced further details regarding its proposed Future of Financial Advice reforms regarding the provision of simple, limited personal advice to superannuation fund members. There are also some noteworthy new elements to the reform package. Partner Mark Cerche, Senior Associates Larissa Macpherson and Geoff Sanders and Lawyer Brendan Wood report
- 21 April 2011
Focus: Updated guidance on related party transactionsThe Australian Securities & Investments Commission has released an updated regulatory guide on governance and disclosure obligations with respect to related party transactions. Partner Jeremy Low and Lawyer Sean Cole take a look at what this means for public companies and responsible entities who are determining whether to seek member approval for related party transactions, and the impact the guidance will have on market practice for the disclosure of related party arrangements in disclosure documents
- 03 March 2011
Focus: New disclosure rules for retail hedge fundsThe Australian Securities and Investments Commission has released a consultation paper that outlines proposals to require detailed additional disclosures to be made by Australian retail hedge fund (and fund of hedge fund) product issuers. In this Focus, Partner Susan Burns and Senior Associates Marc Kemp and Geoff Sanders look at the scope of the proposals and the impact they may have on an industry already facing increased world-wide regulatory scrutiny in the wake of the global financial crisis
- 14 February 2011
Focus: EU AIFM Directive affecting Australian and Asian fund managers finalisedThe European Parliament and the Council of Ministers have, after lengthy debate, reached political agreement on the text of a Directive on Alternative Investment Fund Managers, which may ultimately offer non-EU fund managers the ability to access institutional investors in EU markets that were previously off-limits. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Lisa Bau report
- 22 September 2010
Client Update: ASIC update disclosure obligationsIssuers and sellers of financial products should be aware of changes to the Australian Securities & Investments Commission's regulatory guide on product disclosure obligations. Partner Susan Burns and Senior Associates Marc Kemp and Janna Vynokur take a look at Regulatory Guide 168, which was revised following a review of a number of product disclosure statements
- 31 August 2010
Client Update: Abridged PDS regime for some financial productsThe Australian Securities & Investments Commission hopes that excessive jargon and unnecessary information that hampers investors making informed investment decisions will be limited under new corporations regulations on certain product disclosure statements. Partner Anna Lenahan and Senior Associate Marc Kemp look at the changes that mean some superannuation products and margin loans, as well as interests in simple managed investment schemes, may only be issued under a product disclosure statement limited to a certain number of pages
- 23 August 2010
Client Update: New US registration requirements for fund managers and investment advisersManagers and advisers of investment funds with clients or assets in the United States may face new registration and reporting obligations with the US Securities and Exchange Commission. Partner Robert Clarke and Senior Associate Marc Kemp consider the impact of the US Dodd-Frank Wall Street Reform and Consumer Protection Act.
- 25 March 2010
Focus: Proposed EU directive affecting Australian and Asian fund managersSignificant amendments to a proposed European Union Directive on Alternative Investment Fund Managers will have a major impact on Australian- and Asian-based funds and fund managers. Partner Robert Clarke, Senior Associate Marc Kemp and Lawyer Elizabeth Lee report
- 18 March 2010
Focus: Amending scheme constitutions - the latest on section 601GCThe circumstances in which a responsible entity may amend a scheme constitution without member approval have been considered further in a recent decision of the Victorian Supreme Court. Partner Susan Burns and Senior Associate Penny Nikoloudis report on this decision
- 11 January 2010
Focus: The new Australian Consumer Law and funds managementPartner Susan Burns and Lawyer David Marcus consider how the proposed Australian Consumer Law will affect managed fund products.
- 25 November 2009
Focus: Parliamentary committee recommends financial services reformCommission-based remuneration for financial planners would be phased out and ASIC would be given new powers to ban incompetent or unlawful financial advisers under recommendations contained in a Parliamentary Joint Committee report released this week. The recommendations aim to enhance both the professionalism of the financial advice sector and consumer confidence and protection, as Partner Anna Lenahan and Senior Associate Marc Kemp report.
- 23 October 2009
Focus: Removing REs - what the courts have been sayingIn recent months, several hostile attempts to remove responsible entities have come before the courts. As a result, there has been sharper focus on the statutory regime for changing responsible entities, with many of the relevant provisions of the Corporations Act 2001 (Cth) having now been tested. Partner Susan Burns and Senior Associate Penny Nikoloudis examine the effect of recent case law on the procedures for removing REs
- 18 June 2009
Focus: Impact of proposed EU directive on Australian and Asian fund managersIn the wake of the financial crisis, the European Union is moving towards tighter regulation of alternative investment funds, in particular hedge funds and private equity funds, through a proposed Directive on Alterative Investment Fund Managers. The proposed directive would have considerable extra-territorial reach and may result in additional regulatory burdens for managers of alternative investment funds based outside Europe. Partner Tim Manefield, Senior Associates Marc Kemp and Charlie Harrison, and Lawyer John Henderson report
- 26 May 2009
Client Update: Senate committee endorses 'RuddBank'The Senate Standing Committee on Economics has tabled a report which recommends that the Senate pass the Australian Business Investment Partnership bills. Partner Nicholas Cowie and Lawyer Andrew Selim take a closer look at the committee's findings
- 06 May 2009
Focus: Amending registered scheme constitutionsA recent decision of the NSW Supreme Court provides important guidance on amending constitutions of registered managed investment schemes. Partner Matthew McLennan and Senior Associate Georgina Perry report
- 14 October 2008
Focus: Funds ManagementIn our Focus: Funds Management - July 2008, we looked at ASIC's proposals to improve disclosure to retail investors for unlisted property schemes. ASIC has now released its final regulatory guide that sets out what information must be applied to upfront and ongoing disclosures from 30 November 2008. Partner Anna Lenahan and Lawyer Gary Lo discuss the finalised disclosure principles and what needs to be done to comply with them
- 02 October 2008
Focus: Funds ManagementThe Australian Securities and Investments Commission has released a class order to facilitate the offering to Australian retail investors of collective investment schemes which have been authorised by the Hong Kong Securities and Futures Commission. Partner Susan Burns and Senior Associate Penelope Barclay look at a new regime where such schemes will effectively be governed by Hong Kong law, thereby reducing the Australian regulatory requirements which would otherwise apply
- 28 July 2008
Focus: Funds ManagementASIC has released a draft regulatory guide that aims to improve disclosure by the responsible entities of unlisted property schemes. The guide sets out eight disclosure principles that are to be applied to upfront and ongoing disclosures to retail investors. Partner Susan Burns and Lawyer Gary Lo report on the proposals
- 27 June 2008
Focus: Financial Services and Credit ReformEarlier this month, the Treasury Department of the Australian Government released a Green Paper on Financial Services and Credit Reform. Partner Susan Burns and team summarise and discuss the Paper
- 18 April 2008
Focus: Funds ManagementThe Australian Securities and Investments Commission (ASIC) is proposing exemptions to make it easier to provide some financial services information electronically. Partner Susan Burns and Senior Associate Penelope Barclay explain what is proposed
- 26 March 2008
Focus: Funds ManagementASIC has issued class order relief for certain share and interest sale facilities and related purchase facilities offered by issuers. Partner Susan Burns and Senior Associate Julian Donnan discuss the background to the class order, its conditions of relief and implications for issuers and operators.
- 05 February 2008
Focus: Funds ManagementIn our Focus: Funds Management - March 2007, we reviewed an ASIC consultation paper regarding a proposed policy on the regulation of buy-backs of interests in listed managed investment schemes. ASIC has now issued class order relief which enables the responsible entity of a listed scheme to buy back interests that are traded on the Australian Stock Exchange. Partner Lynne Jensen discusses the conditions of relief
- 21 December 2007
Focus: Funds ManagementConsistent with its policy on foreign collective investment schemes, the Australian Securities and Investment Commission has released a class order that provides conditional exemptions allowing some Singaporean collective investment schemes to be offered in Australia. Senior Associate Rebecca Devon and Vacation Clerk Judith Hammerschlag report
- 03 October 2007
Client Update: Corporate and Financial ServicesMore regulations to give effect to measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Partner Susan Burns and Senior Associate Justine Woodford report on the latest developments
- 13 September 2007
Focus: Financial Services RegulationThe Federal Government has finally announced new regulations enabling financial services providers to incorporate by reference some of the information required to be included in retail disclosure documents. Consultant Derek Heath and Senior Associate Justine Woodford discuss the implications of this welcome development and the other measures introduced under these regulations
- 24 August 2007
Focus: Funds ManagementPartner Victoria Poole and Lawyer Sue-Lyn Chan discuss ASIC's recent consultation paper that aims to address concerns, particularly about pooled mortgage schemes, that there is a mismatch between what investors are led to expect in disclosure documents regarding withdrawal rights and what can happen in practice. The proposals identify issues that responsible entities of registered managed investment schemes may need to consider to make sure they are carrying out their duties properly
- 20 July 2007
Focus: Financial ServicesThe Australian Securities and Investments Commission has issued a consultation paper setting out its proposed policy on granting financial services licensing relief to trustees of certain wholesale equity investment schemes. Partner Susan Burns and Lawyer Geoff Sanders outline the key elements of ASIC's proposals and some of the practical issues that remain outstanding
- 03 July 2007
Client Update: Corporate and Financial ServicesRegulations to give effect to some of the measures implemented under the Federal Government's 'Simpler Regulatory System' legislation have now been made. Senior Associate Justine Woodford looks at some of the detail
- 29 June 2007
Client Update: Corporate and Financial ServicesThe Federal Government's 'Simpler Regulatory System' legislative reforms have now been given Royal Assent (on 28 June 2007). Senior Associate Justine Woodford explains
- 28 June 2007
Focus: Corporate and Financial ServicesThe Federal Government's 'Simpler Regulatory System' legislative reforms for the corporate and financial services sector are intended to provide investors with improved access to, and participation in, corporate and financial markets, while also enabling industry participants to benefit from reduced compliance costs and streamlined and more efficient regulatory processes. Consultant Derek Heath and Senior Associate Justine Woodford summarise the legislation, which is awaiting Royal Assent.
- 28 May 2007
Focus: Funds ManagementAustralian financial services licence holders will need to review their general insurance arrangements in light of the Federal Government's proposed reforms to insurance business conducted in Australia by direct offshore foreign insurers. Senior Associate Rebecca Devon explains
- 16 April 2007
Focus: Corporate and Financial ServicesThe long-anticipated draft Corporations Amendment Regulations were released by the Federal Government for public comment on 26 March 2007. Senior Associate Justine Woodford summarises the draft regulations and looks at where the review process is heading
- 12 February 2007
Focus: Funds ManagementASIC has amended the Class Order that regulates discounted issues by registered managed investment schemes. Senior Associate Penny Nikoloudis reports on the changes
- 12 February 2007
Focus: Financial Services RegulationASIC has released a consultation paper inviting public submissions on the review of the Electronic Funds Transfer Code of Conduct. Partners Peter Jones and Catherine Parr and Lawyer Katya Rozenblit report
- 12 December 2006
Focus: Financial ServicesThe 16 November 2006 release of the Corporate and Financial Services Regulation Review Proposals Paper is the Federal Government's latest strategy to improve and simplify the regulatory system in Australia's corporate and financial services sectors. Senior Associate Justine Woodford summarises the Government's latest proposals
- 15 August 2006
Focus: Financial ServicesFollowing the release on 7 April 2006 of its Corporate and Financial Services Regulation Review consultation paper, the Federal Government yesterday announced the next stage for implementation of the reform proposals. This will occur through a combination of regulation and legislative changes (to be implemented in the short term) and further consultation on the more substantive issues raised in the consultation paper. Senior Associate Justine Woodford reports on the latest developments
- 11 August 2006
Focus: Funds ManagementLiquidators of a high-profile Hong Kong hedge fund that collapsed in 2004 have recently commenced proceedings against the fund's auditor, custodian and administration services provider. This case has a number of commercial and practical implications for the managed funds industry, as Partner Matthew Barnard and Senior Associate Daniel Yeo explain
- 10 August 2006
Focus: Financial ServicesAs financial service businesses in our region look to expand their markets, they must be aware of the varied regulatory and legal environments in which they want to operate
- 08 August 2006
Focus: ChinaOn 11 July 2006, a notice outlining new foreign investment restrictions in the People's Republic of China real estate market was jointly issued by six People's Republic of China government authorities. Partner Nigel Papi and Senior Associates Stuart Mengler and Maggie Ma report on the key aspects of the notice
- 04 August 2006
Focus: Funds ManagementWe look at recent developments in China which will provide offshore funds managers, custodians, securities institutions and asset managers with greater access to one of the world's largest and fastest growing economies
- 20 April 2006
Focus: Financial Services ReformThe Federal Government has released yet another proposals paper containing suggested refinements to the current regime. Senior Associate Justine Woodford discusses the latest financial services regulation proposals
- 10 April 2006
Focus: Corporate and financial services reformThe Federal Government has again acted to reduce further the regulatory and compliance burden for financial services and associated industries in Australia, with a consultation paper released on 7 April 2006
- 07 April 2006
Client Update: Funds ManagementASIC has issued a no-action letter regarding compliance with the requirements of Class Order 05/26 to the extent that they relate to the exercise of pricing discretions. The no-action position applies until 1 May 2007. While this is a welcome development, the uncertainties and practical concerns arising from the Class Order have yet to be resolved. Senior Associate Penny Nikoloudis reports
- 28 February 2006
Focus: Funds ManagementAfter almost two years of industry consultation, ASIC has issued class order relief allowing responsible entities to exercise limited discretions when calculating unit prices. Responsible entities have until 1 May 2006 to implement procedures enabling them to comply with the conditions of the relief. Senior Associate Penny Nikoloudis examines the impact of the class order on both unlisted and listed schemes
- 27 January 2006
Focus: Financial Services ReformThe FSR refinement regulations are aimed at improving the quality of information provided to consumers, as well as reducing the compliance burden and clarifying the law for financial services industry participants. Senior Associate Justine Woodford reports
