The Treasury is set to review the managed investment schemes (MIS) regulatory framework.
The review, according to a statement by Financial Services Minister Stephen Jones, will examine whether the regulatory framework is fit-for-purpose, identify potential gaps, and consider what enhancements can be made to reduce undue financial risk for investors.
It will consider reform options, focusing on:
Treasury will also consider:
“The regulatory framework for MIS was introduced more than 20 years ago, since that point, we’ve seen a number of significant scheme failures, including the Sterling Income Trust, Trio Capital, and Timbercorp,” Mr Jones said.
He noted that as part of the review, Treasury will consider the recommendations by various bodies, including the former corporations and markets advisory committee and the parliamentary joint committee on corporations and financial services.
Treasury is scheduled to release a public consultation paper by mid-year and consult with industry before reporting findings to government by early 2024.
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