CS 53—Proposed remake of six legislative instruments relating to managed investment schemes

Submission Date: 3 July 2026

This submission on CS 53 Proposed remake of six legislative instruments relating to managed investment schemes (the Consultation) is made by the Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee).

The Committee thanks the Australian Securities and Investments Commission (ASIC) for the opportunity to provide feedback. The Committee notes that the six instruments the subject of the Consultation (together, the Instruments) are due to sunset on 1 October 2026, and that ASIC proposes to remake them to continue the relief they provide for a further five years, with only minor and technical changes and the removal of certain transitional provisions.

Key Points

The key matters the Committee wishes to bring to ASIC’s attention are as follows:

1. Where relief provided by an Instrument continues to operate effectively, the Committee supports its continuation. That said, the Committee recommends that that long-standing class relief of this kind is more appropriately reflected in the primary law (the Corporations Act 2001 (Cth)) or in regulations, rather than being perpetually renewed by sunsetting legislative instrument.¹
2. The Committee considers that the absence of draft remade instruments from the Consultation limits stakeholders’ ability to assess the precise effect of the proposed changes, and respectfully suggests this affects the transparency of the process. Similarly, the statement that ASIC proposes to “remove transitional provisions that are no longer necessary” would be considerably more useful if it identified the specific provisions and paragraphs affected in each Instrument.
3. The Committee is concerned that the proposal to remove section 6 of ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489 may be misconceived, because registered schemes that are not presently attribution managed investment trusts (AMITs) may wish to elect into the AMIT regime in the future and would, at that time, require a mechanism to modify their constitutions.
4. All regulatory guides and ASIC website material referring to the 2016 Instruments should be updated once the remade 2026 instruments come into effect, so that all related materials remain accurate and consistent.

^{1 A clear objective of the sunsetting regime is to ensure parliamentary oversight.}

Last Updated on 07/07/2026

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