On 5 June 2013, ASIC issued an updated Regulatory Guide 134: Managed Investments: Constitutions ("RG134") to provide further guidance in respect of ASIC's views on the content requirements of constitutions of registered schemes. The updated requirements are mandatory from 1 October 2013. Schemes registered prior to 1 October 2013 will not need constitutions that comply with the updated guidance issued by ASIC.
The relief provided in RG 134 is contained in the following class orders:
ASIC has updated its guidance relating to:
Responsible entities of schemes that are soon to be registered should consider the impact that RG134 has on the scheme's constitution. Whilst ASIC has stated that schemes registered prior to 1 October 2013 will not need to comply with the updated RG134, responsible entities should still consider the updated RG134 bcause RG134 shows ASIC's current approach.