Establishing a Funds Management Business in Australia

Publisher: ISI Publications
ISBN: 9789627762256
Published In: May 2010
Format: Paperback , 142 pages
Jurisdiction: Australia ? Disclaimer:
Countri(es) stated herein are used as reference only

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Establishing a Funds Management Business in Australia is designed for industry professionals working in Australia, as well as those involved in fund management worldwide who have interests in the Australian alternative investment market. Written by Scott Charaneka (a partner at Norton Rose in Australia) and Michelle Asimus (an investment funds lawyer in Australia and the United Kingdom), the book covers the fundamental steps when setting up and running a funds management business, from an overview of the current fund landscape, preparing license applications and navigating the Australian regulation environment. This book is essential reading for anyone working in fund management in Australia, as well as an excellent reference for those investing in the region.

"As an ex-regulator with ASIC, and now as the CEO of the Association of Superannuation Funds of Australia (ASFA), the leading retirement income and pensions industry body in Australia, I am thrilled that Scott and Michelle have taken the time to share their insights in this Guide.

There is no doubt that with an aging population, and the need to reduce reliance on the age pension, support for the Australian retirement incomes industry will continue to be a key platform in our Federal Government’s retirement income policy. This continued support through tax incentives and compulsion to contribute ‘9% of income to super’ will continue to drive growth. Over recent times, this growth has attracted a marked increase in interest in our industry from offshore fund managers.

This Guide is recommended to anyone looking to understand more about Australia’s superannuation/financial services industry, and the basics of establishing a funds management business here."
Excerpt from the foreword by Pauline Vamos, CEO, The Association of Superannuation Funds of Australia

Foreword by Pauline Vamos, CEO, The Association of Superannuation Funds of Australia

Chapter One: Overview of Australia’s Funds Management Industry

Recent Investment Trends
Impact of Recent Global Financial Events

Chapter Two: Implications of Targeting Australian Investors

Implications for Foreign Fund Managers
Starting Point
The Usual Order of Events
Permanent Establishment
Overview of Treaty Relationships
Transfer Pricing

Chapter Three: Financial Services Regulation in Australia

Australia's Financial Services Laws
Australian Regulators and Supervisors
ASIC
APRA
The ATO
The ASX
Australian Transactions Reports and Analysis Centre
Regulation of Fund Managers

Chapter Four: Types of Vehicles that may be used for an Australian Collective Investment Scheme

Unit Trust
Company
Venture Capital Limited Partnership
Early-Stage Venture Capital Limited Partnership
Stapled Vehicles
Listed Vehicles

Chapter Five: Licensing of Fund Managers

When an ASF Licence is Required
What are Financial Services?
Types of Financial Services
When a Person carries on a 'Business'
Carrying on a Business in Australia
Client Types
Authorised Representatives

Chapter Six: Licensing Exemptions

General Statutory Licensing Exemption
Specific Statutory Exemptions for Foreign Fund Managers
Class Order Licensing Relief
General Conditions for Relying on Class Order Relief
Ongoing Compliance Requirements for Relying on Class Order Relief
Class Order Relief for Offshore Market Participants

Chapter Seven: Australian Regulated Funds

Registered Funds
Unregistered Schemes
Criteria for Registering a Fund
The Consitution
Compliance Plan
Compliance Committee
Charging Differential Fees to Investors

Chapter Eight: Preparing an AFS Licence Application and an Application to Register a Fund

Background on the ASF Licence Application Process
General Matters to Consider Before Beginning an Application
Electronic Application Form
Proof Documents - A General Overview
Proof Documents - The Difference Between Core Proof and Additional Proof Documents
Preparing Additional Proof Documents
Responsible Managers
Key Person
Changing an AFS Licence and/or Conditions
Fund Registration
Application to Register a Fund
When ASIC Must Register a Fund

Chapter Nine: Specific Investor Restrictions — Superannuation Fund Trustees

Restrictions of Superannuation Fund Trustee Investing - The Balance Between the General Law and the Statutory Framework
Contemporary Issues for Superannuation Fund Trustees

Chapter Ten: Disclosure Requirements to Australian Clients

Summary of Initial Disclosure Documents
Product Disclosure Statements
Financial Services Guides
Statement of Advice
Additional ASIC Disclosure Requirements
Ongoing Disclosure Requirements
Advertising Material
Misleading and Deceptive Conduct

Chapter Eleven: Ongoing Compliance Obligations

General Statutory Obligations of an AFS Licensee
Obligations of Responsible Managers
AFS Licensing Report
Financial Statements and Audit
Statutory Obligations of a Fund Manager Operating a Regulated Fund
Regulated Fund Reporting
Audit Requirements for Regulated Funds
Ongoing Obligation of a Fund Manager Operating Under Class Order Licensing Relief

Scott Charaneka has comprehensive experience in establishment, licensing, administration, distribution, disclosure, compliance and claims matters associated with superannuation, funds management and life insurance products. He has a practical, ‘hands on’ approach developed from his time as an in-house lawyer at Legal & General and ING. With more than 15 years experience as a financial services lawyer, Scott has developed a leading practice in the financial services sector. Scott is a regular speaker at conferences, is the editor and author of many texts and articles and is an active member of industry associations.

Michelle Asimus has worked as an investment funds lawyer in Australia and the United Kingdom advising Australian, UK and foreign fund managers on the structuring, formation, operation and restructure of both private and public investment funds across a wide range of asset classes including real estate and private equity. She has also advised fund managers operating in both the wholesale and retail markets on financial services and securities laws and in particular, on regulatory structuring, licensing and disclosure matters associated with fund formations. Michelle has also assisted institutional investors including pension funds with investments into investment funds and other collective investment schemes.