Review of the regulatory framework for managed investment schemes - consultation

This consultation paper seeks feedback on the appropriateness of the existing regulatory settings for managed investment schemes including:

• the thresholds that determine whether an investor is a wholesale client
• whether certain managed investment schemes should be marketed and sold to retail clients
• the roles and obligations of responsible entities
• whether ‘investor rights’ are appropriate
• liquidity requirements for managed investment schemes
• whether an insolvency regime is required for managed investment schemes
• interactions between Commonwealth and State laws when regulating real estate investments by managed investment schemes.

In the October 2022‑23 Budget, the Government announced that Treasury would undertake a review of the regulatory framework for managed investment schemes. The review will examine whether the regulatory framework is fit‑for‑purpose, identify potential gaps, and consider what enhancements can be made to reduce undue financial risk for investors.