ASIC moves to extend managed investment scheme relief measures

The Australian Securities and Investments Commission (ASIC) has moved to extend relief measures applying to a range of managed investment schemes, proposing to remake six legislative instruments due to expire later this year.

Under the proposal, the instruments will be extended for a further five years beyond their current expiry date of 1 October 2026, with ASIC stating the measures continue to form a "necessary and useful" part of the legislative framework governing managed investment schemes.

The regulator said the proposed remakes would largely preserve the existing settings, with only minor amendments aimed at improving clarity and consistency across the instruments.

The legislative instruments cover a broad range of arrangements, including services apartment schemes, property rental schemes, charitable investment fundraising, school enrolment deposits, horse racing syndicates and attribution managed investment trusts (AMITs).

ASIC is also proposing to remove transitional provisions that no longer considered necessary, including relief tied to the implementation of the AMIT tax regime.

The regulator said the AMIT-related transitional relief was originally to assist responsible entities adapting to the taxation framework for managed investment trusts.

Among the instruments under review, the Horse Scheme Instrument provides conditional relief for promoters and managers for small-scale horse racing syndicates from the requirement to register as managed investment schemes, while also establishing co-regulatory arrangements between ASIC and racing bodies across Australian states and territories.

Meanwhile, the Charitable Investment Fundraising Instrument grants conditional relief to charitable investment fundraisers from certain fundraising, debenture and managed investment scheme provisions under the Corporations Act.

ASIC said the proposed remakes are intended to maintain regulatory certainty for operators relying on the relief arrangements, while ensuring the framework remains fit for the purpose.

Industry stakeholders have been invited to provide feedback on the proposal, including specific questions relating to the Horse Schemes Instrument, with submissions due by 24 June 2026.

The consultation comes as ASIC continues to broaden efforts to streamline and modernise elements of the financial services regulatory framework whilst balancing investor protections and market integrity.