ASIC is proposing that a legislative instrument, relating to managed investment schemes, be allowed to expire ('sunset') on 1 October 2024. This means the instrument will cease to operate and entities will no longer be able to rely on it.
ASIC is seeking feedback regarding the sunsetting of ASIC Corporations (Land Holding for Primary Production Schemes) Instrument 2024/15 from Australian financial services (AFS) licensees, superannuation trustees, platform operators, responsible entities, consumer groups and other interested stakeholders.
ASIC understands that the relief for primary production schemes covered by this instrument may no longer be required by the managed fund sector.
ASIC invites feedback on whether the instrument still forms a necessary and useful part of the legislative framework, and whether standards set out in the instrument remain appropriate to ensure effectiveness.
Regulatory Guide 133 Funds management and custodial services: Holding assets (RG 133) sets out standards for responsible entities of registered schemes. This guide details obligations relevant to holding interests in land.
