ASIC applauded

THE Australian Securities and Investments Commis-sion’s implementation of the Managed Investments Act has been judged favourably by the managed investments industry.

A survey, conducted by Eureka Strategic Research, shows industry participants generally acknowledge the ASIC’s approach to its role as a regulator of the new regime has improved when compared to regulation of the pre-managed investments regime.

The research indicates a great deal of goodwill towards the ASIC’s managed investments team in each state and also to the way the managed investments policy was developed. The report also highlights areas for improvement including the ‘one size fits all’ licensing kit and application form, the deadline for retirement of trustees and the level of detail in policy statements.

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