Review of the Managed Investments Act 1998

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 Terms of Reference

I, Joseph Benedict Hockey, appoint Mr Malcolm Turnbull to review the effectiveness of the arrangements for the regulation of managed investments introduced by the Managed Investments Act 1998 (the Act), contained in Chapter 5C of the Corporations Act 2001, to determine whether:

• the arrangements have delivered benefits in terms of:

    • better protection of investors' investments;

    • greater certainty as to the responsibilities, obligations and liability of scheme operators (known as `responsible entities' under the legislation);

    • the rights of investors in managed investment schemes; and

    • reducing the costs of investing in managed investment schemes.

• the arrangements have strengthened compliance practices, procedures and awareness amongst responsible entities and others involved in the managed investments industry;

• the arrangements cater for the diversity of managed investments, including consideration of the way in which the legislation is administered by the Australian Securities and Investments Commission; and

• refinements could be made (whether requiring legislative amendment or not) to enable the arrangements to operate more efficiently and effectively, while not unnecessarily detracting from the protection afforded to investors.

I have asked Mr Turnbull to deliver a written report to me by 3 December 2001.

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