Aggregated News From Investment Management Regulators

ASIC letter to responsible entities of registered schemes in the current COVID- environment


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ASIC is reminding responsible entities (REs) of registered managed investment schemes about their fundamental duties and legal obligations to members as they face the market volatility, disruption and other challenges associated with COVID-19.

REs must comply with the law and their general licensee duties. They must also exercise their powers and carry out their duties in the best interests of scheme members.

ASIC expects REs to actively manage scheme liquidity. Should a scheme become non-liquid, ASIC has powers to grant hardship relief and rolling withdrawal relief on a case-by-case basis (see Regulatory Guide 136 Funds Management: Discretionary Powers). REs should notify ASIC if any registered scheme becomes non-liquid or if redemptions are suspended. Affected REs should email [email protected].

ASIC has written directly to a selection of larger REs on these issues.

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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