ASIC - Extends transitional relief

ASIC is offering extended transitional relief to passively-managed or closed managed investment schemes, which were not required to become registered managed investment schemes under the Corporations Act until 2010.

The relief, which was originally granted in 1998, will allow specific categories of schemes until June 30 2010 to comply with the transitional and registration requirements for managed investments. Some of the categories included are fixed term property trusts, non-mining primary production schemes, and film schemes.

ASIC says the relief is consistent with Policy Statement 135, relating to conditions whereby costs, burdens and investor protections afforded by registration under the Managed Investments Act would not be justified for passively-managed schemes where the manager was only receiving income or undertaking other limited management activities, or for those schemes that were closed to new investors.

In order to qualify for a further extension of time, applicants must submit an application before the current interim relief expires.

Further information is available from 1300 300 630.

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