ASIC has issued Class Order (CO 13/1621) as to provide relief that facilitates retail clients applying for interests in managed investment schemes through mFund Settlement Service “mFund”.
mFund is a facility jointly operated by ASX Ltd “ASX” and ASX Settlement Pty Ltd “ASX Settlement” where requests for the issue or redemption of interests in unlisted managed investment schemes can be made, and holdings recorded through CHESS.
Class Order (CO 13/1621) exempts Responsible Entities “REs” of Managed Investment Schemes available through the mFund from only issuing interests in response to an application form that was included in or accompanied a product disclosure statement “PDS”. REs will generally be allowed to issue on the basis of an electronic message through mFund indicating that the investor has been given the latest PDS for the scheme.
The sender of the electronic message must be an Australian Financial Services licensee or an Authorised Representative and must not send an electronic message unless the investor has been given the latest PDS for the scheme.
Do you hold an Australian Financial Services License? If not, please contact Certainty on 02 8324 5300 or email to enquiries@certaintycompliance.com.au.