Responsible Entities for Managed Investment Schemes | investment
The concept of managed investment schemes was outlined in July 1998, by the Managed Investments Act (Cth)(Act), and has been defined as a scheme in which people contribute money to acquire interest to benefits produced by the scheme.
The contributions are used to further the scheme, and the members do not have control over the day to day operations.
The Managed Investments Act (Cth)(Act) replaces the old "prescribed interests" regime, and its most significant change is the replacement of the roles of trustee and manager with the single Responsible Entity role. The Act also introduced new measures to ensure adequate investor protection.
A managed investment scheme must be registered with the Australian Securities and Investments Commission (ASIC) if;
1. The scheme has 20 or more members; or
2. The scheme is promoted by a person who is in th
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