Review of the Managed Investments Act 1998

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 Submissions - CPA Australia and ICAA


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7 September 2001

Mr Malcolm Turnbull
Managed Investments Act Review
C/o Financial Markets Division
The Treasury
Langton Crescent
PARKES ACT 2600

 

Dear Mr Turnbull

Review of the Managed Investments Act 1998

CPA Australia and The Institute of Chartered Accountants in Australia (the Accounting Bodies) appreciate the opportunity to make this submission to the Review of the Managed Investments Act 1998. This submission has been prepared by our Legislation Review Board under the administration of our Australian Accounting Research Foundation. The Board is appointed to advise on matters of legislative and regulatory policy affecting financial reporting, auditing and corporate governance.

In the time available it has not been possible to prepare a comprehensive submission but we would like to raise for consideration what we consider to be a fundamental matter, that is the absence of a requirement for an annual general meeting of managed investment schemes. While unit holders and others can cause a meeting to be held, subject to meeting certain requirements, there is no continuing requirement for an annual general meeting and this is considered an unsatisfactory situation compared to other listed entities. This matter was raised with the ASX in March 2001 (in a submission of the Exposure Draft - Proposed Listing Rule Amendments - 1 July 2001). The ASX has responded that it considers the matter should be dealt with under the law rather than its listing rules.

We would welcome the opportunity to discuss with you our submission or other matters on which you would like our views or additional input. Please direct any queries to Mr Stan Neild, Manager Legislation Review, on telephone (03) 9641 7439.

Yours sincerely

D D R Pearson FCPA
National President
CPA Australia

    J B West FCA
    President
    The Institute of Chartered Accountants in Australia

 

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