A retail managed investment scheme must be registered with the Australian Securities Investment Commission before they are able to operate. To register a scheme, the proposed responsible entity must be a registered Australian public company and hold an Australian Financial Services Licence authorising the responsible entity to operate the scheme.
If the proposed responsible entity does not hold an Australian Financial Services Licence authorising it to operate the scheme, it should ensure an application for an Australian Financial Services Licence, or variation of an existing licence, has been submitted to the Australian Securities Investment Commission before applying for registration of the scheme.
Responsible entities must appoint an auditor of the compliance plan. The auditor must conduct an audit of the compliance plan within 3 months of the end of the financial year of the registered scheme and provide a report to the responsible entity.
Responsible entities must lodge their compliance plan audit report with the Australian Securities Investment Commission and must prepare a financial report, directors’ report and auditor’s report each financial year for all registered schemes and lodge them with the Australian Securities Investment Commission. This report must be lodged within 3 months after the end of the financial year.
One Investment Group has several subsidiaries that hold Australian Financial Services Licences enabling the companies to act as Responsible Entity. Should you wish to discuss the registration of a managed investment scheme, One Investment Group is well placed to discuss your requirements. Please contact us.