Establishing a Funds Management Business in Australia

9789627762256: Establishing a Funds Management Business in Australia
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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. Table of Contents: 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 M

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About the Author:

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.


"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." --Pauline Vamos, CEO, The Association of Superannuation Funds of Australia

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