Review of the Managed Investments Act 1998

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Review of the
Managed Investments Act 1998

 

© Commonwealth of Australia 2001

ISBN 0 642 74092 5

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth available from Info Products. Requests and inquiries concerning reproduction and rights should be addressed to:

The Manager
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GPO Box 1920
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Printed by CanPrint Communications Pty Ltd

 

 

3 December 2001

The Hon Peter Costello, MP
Treasurer
Parliament House
CANBERRA ACT 2600

Dear Treasurer

I am pleased to present the report of the Review of the Managed Investments Act 1998.

Submissions to the Review raised several interesting and complex issues, reflecting the diversity of views and interests across the managed investment industry. From those submissions, a number of areas have been identified where it is considered that improvements could be made to the existing arrangements for the regulation of managed investments.

In some cases, where it has not been possible to come to a conclusive view in the time available, it is suggested that further consideration of the issues should be conducted by the Treasury, in consultation with the Australian Securities and Investments Commission, industry participants, and investors and their representatives.

I would like to record my thanks for the time and effort contributed by those who made submissions to the Review, and for their willingness to provide further information when it was requested. I would also like to thank the Review Secretariat in the Financial Markets Division of the Treasury, for the assistance they provided during the Review.

Yours sincerely

Signature of Malcolm Turnbull

Malcolm Turnbull

 

 

Contents

Terms of reference

Executive summary

Recommendations

Chapter 1: Background to the MIA and this Review
1.1 Introduction
1.2 Scope of the report
1.3 Timing of the Review
1.4 Current state of the managed investment industry

Chapter 2: Investor protection
2.1 Introduction
2.2 The responsible entity - licensing
2.3 Changing the responsible entity
2.4 The scheme - registration requirements
2.5 The scheme's constitution
2.6 Scheme members

Chapter 3: Compliance
3.1 Introduction
3.2 Compliance to date under the MIA
3.3 The compliance committee
3.4 The board of the responsible entity
3.5 The compliance plan and scheme constitution
3.6 Other compliance-related matters

Chapter 4: Costs
4.1 Introduction
4.2 Costs cannot be considered in isolation
4.3 Analyses of costs
4.4 Measures to reduce costs

Chapter 5: Other law reform proposals
5.1 Introduction
5.2 Law reform proposals supported
5.3 Law reform proposals requiring further consideration

Appendix: List of submissions

Acronyms and abbreviations

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