ASIC commissioner Greg Tanzer said in a statement: ‘Regulatory Guide 134 was released in 1998, a time when the managed investments regime was still in its infancy. The proposed updates factor in significant developments in the managed investments industry that have occurred, and the operational policy that has developed, since the guide was last updated in 2000."

The consultation paper contains proposals about ASIC’s views on the requirements in parts of the Corporations Act 2001, and how it will apply them in deciding to register a managed investment scheme.

"One of our three strategic priorities is to ensure efficient registration and licensing. These proposals also improve transparency and ensure that responsible entities and their advisers have sufficient certainty about what we will look for in reviewing a constitution when deciding whether to register a managed investment scheme," added Tanzer.

ASIC’s proposed guidance covers the following areas in relation to a registered managed investment scheme: implementation, the consideration to acquire an interest in the scheme, powers of the responsible entity of the scheme, complaints handling for retail clients and wholesale clients, winding up the scheme, the payment of fees to a responsible entity and its rights of indemnity from scheme property, withdrawal rights of members of the scheme, the use of extrinsic material to the constitution; and legal enforceability of the constitution.