Review of the regulatory framework for managed investment schemes
The Law Council of Australia provided a submission to Treasury in response to the consultation paper issued on 4 August 2023 (the Consultation Paper) relating to the review of the regulatory framework for managed investment schemes (MIS) which was first announced by the Assistant Treasurer and Minister for Financial Services in March 2023 (the Review).
This submission has been prepared by members of the following Committees:
- from the Business Law Section:
- the Financial Services Committee;
- the Corporations Committee; and
- the Insolvency and Restructuring Committee; and
- from the Legal Practice Section — the Superannuation Committee, collectively, the Committees.
The Consultation Paper seeks feedback on a number of different aspects of MIS regulation. In this submission the Committees have focused on legal aspects of MIS regulation in which members of the Committees have expertise and wish to comment. Other stakeholders may be more suitably placed to comment on other matters canvassed in the Consultation Paper.
Some representatives of the Committees have also had the opportunity to engage in more informal consultation with Treasury at roundtable discussions. The Committees thank Treasury for this, and appreciate the opportunity to have an open dialogue and help shape the development of potential law reforms in a constructive and collaborative manner. Set out in the submissions below are the questions posed in the Consultation Paper, and the Committees’ responses.