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More ASIC relief

THE Australian Securities and Investment Commission has granted further extension of interim relief for non-transitioning managed interest schemes.

The relief, originally granted in 1998, will allow specific categories of schemes until 2010 to comply with the transitional and registration requirements for managed investments.

These categories include fixed term property trusts, non-mining primary production schemes, film schemes and other passively managed schemes.

The relief is in keeping with ASIC Policy Statement 135. This policy states that the costs, burdens and investor protection will not be justified where the manager is only receiving income or undertaking other limited management activities, or for those schemes that are closed to new investors.

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