Category: Distribution

1
AUSTRALIA: DDO IMPLEMENTATION AND ENFORCEMENT
2
Australia: ASIC Provides Practical Guidance as Long Awaited CCIV Arrives
3
Australia: New Greenwashing Guidance
4
Europe: FCA Challenge to UK Fund Service Providers    
5
Australia: Finally, a new fund vehicle

AUSTRALIA: DDO IMPLEMENTATION AND ENFORCEMENT

By Daniel Knight and Simon Kiburg

ASIC have announced the first enforcement action it has taken in relation to the Design and Distribution Obligations (DDO), which were introduced late last year. The enforcement action shows that, as described by ASIC deputy chair Karen Chester, “ASIC’s focus has now shifted to compliance. Industry has had sufficient time to bed down its implementation of the DDO regime.

Read More

Australia: ASIC Provides Practical Guidance as Long Awaited CCIV Arrives

By Kane Barnett and Bernard Sia

ASIC has published Information Sheet 272 (INFO 272) and Report 728 (REP 728) on the eve of the corporate collective investment vehicle’s (CCIV) commencement.

With the commencement date for CCIVs being 1 July 2022, today ASIC released 7 regulatory guides relating to the registration and licensing requirements for CCIVs. We outline the key features of CCIVs in our previous update. INFO 272 provides much needed clarity on how both the CCIV itself and its initial sub-funds are to be registered.

Read More

Australia: New Greenwashing Guidance

By Jim Bulling and Alex Morrison

ASIC has released Information Sheet 271 (INFO 271) to assist responsible entities of managed funds, corporate directors of CCIVs and trustees of registerable superannuation funds (Product Issuers) in avoiding ‘greenwashing’ when offering sustainability-related products (Products). INFO 271 describes greenwashing and provides a comprehensive overview of the current regulatory setting for communications about sustainability–related products.

Read More

Europe: FCA Challenge to UK Fund Service Providers    

By: Andrew Massey and Melissa Vance

Fund managers can expect changes to custodian and other fund service provider practices in response to regulator challenge, and should review their due diligence of service providers.

In a letter on 23 March 2022, the FCA instructed the Chief Executive and Boards of third-party custodians, depositories for authorised and non-authorised funds, and third-party administrators to review key risks identified by the FCA, including the following:

Read More

Australia: Finally, a new fund vehicle

By Kane Barnett

On 1 July 2022 Australia will finally get a new fund vehicle, the corporate collective investment vehicle (CCIV).

Historically, Australian funds have been established as unit trusts or, in the case of certain venture capital funds, limited partnerships. The CCIV is a corporate structure that is intended to be more internationally recognisable than the trust-based fund structure as it is similar to the equivalent structure in other key fund jurisdictions such as the United Kingdom, Cayman Islands, Singapore and Hong Kong.

Read More

Copyright © 2022, K&L Gates LLP. All Rights Reserved.