ASIC has updated two regulatory guides (RGs) relevant to managed investment schemes:
- Regulatory Guide 132 Funds management: Compliance and oversight (RG 132), and
- Regulatory Guide 133 Funds management: Discretionary powers (RG 136).
These RGs were changed in minor and technical respects only and do not change legal requirements or impose additional regulatory burdens. The changes are focused on reflecting consequential changes to the law and legislative relief granted by ASIC since these RGs were last updated.
ASIC did not consult externally on the changes as they are consequential and administrative in nature.
Background
RG 132
RG 132 provides guidance on the compliance and oversight obligations that responsible entities of registered managed investment schemes and operators of other collective investment schemes, must meet under the Corporations Act 2001 (the Corporations Act) and other legal obligations.
RG 132 was updated to replace references to Australian Standard AS ISO 19600: 2015 Compliance management systems - Guidelines with Australian Standard AS ISO 37301:2023 Compliance management systems - Requirements with guidance for use. The 2023 version of the standard provides guidance on the features required for an effective compliance management system and contains substantially the same requirements as the 2015 standard. RG 132 was also updated to reflect some minor changes to the text of the 2015 standard.
RG 132 was last substantively updated in June 2022.
RG 136
RG 136 provides guidance on ASIC's approach to exercising its exemption and modification powers to grant individual relief from requirements under the Corporations Act for managed investments schemes. It explains some of the more common situations when we have granted, and when we are likely to grant, relief. RG 136 also outlines when we will consider managed investment schemes to be closely related for the purposes of determining if they should be aggregated.
The guidance is provided for responsible entities of registered managed investment schemes and operators of other collective investment schemes, as well as service providers and advisers.
RG 136 was updated to reflect the introduction of provisions in the Corporations Act that permit meetings of scheme members to be held as a virtual-only meeting (s252P(c)) or as a hybrid meeting (s252P(b)). These additional options are relevant to whether relief should be granted from the requirements about holding a scheme meeting. For example, common considerations are the costs and inconvenience of convening and holding a physical meeting. However, the new alternative meeting formats are more cost-efficient and convenient in comparison and relief may no longer be appropriate if schemes can utilise these other meeting options.
Other minor updates include replacing some outdated class order references and updating the definitions. Some paragraphs that deal with related schemes have been reworded for clarity.
RG 136 was last substantively updated in July 2018.
ASIC is Australia's corporate, markets and financial services regulator.
