MANAGED INVESTMENT SCHEMES: THE CONTENT REQUIREMENTS OF CONSTITUTIONS OF REGISTERED SCHEMES

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:

Required Action

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.