Information update - Managed Investment Schemes
Issued 25 January 2008
Regulations to ensure that the issue of an interest in, or the issue of an option to acquire an interest in, a managed investment scheme are subject to regulation under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 were approved on 25 January 2008.
The Regulations will be registered on 30 January 2008 and will take effect on
31 January 2008.
The Regulations will not have retrospective effect.
Issued 21 December 2007
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) was drafted with the intention to cover managed investment schemes. However, the issue of an interest in a managed investment scheme does not currently fall within Item 35 of Table 1 of section 6 of the AML/CTF Act. This exclusion is an unintended consequence of the interaction between provisions of the AML/CTF Act and the Corporations Act 2001.
The Government intends to make a regulation as soon as possible to ensure that businesses that issue interests in managed investment schemes are subject to AML/CTF obligations under the Act. These obligations will not be retrospective.