Sophie Grace can work with you to determine and obtain the appropriate licence for your funds.
Sophie Grace can assist you in preparing the legal documents required to establish your fund.
Sophie Grace can advise you whether the fund registration requirements apply to your business.
Sophie Grace can assist you in preparing disclosure documents required to be issued to investors.
The trustee of a retail fund is a Responsible Entity and must be a public company that holds an AFSL with the appropriate authorisations.
If you intend to operate a retail fund as the Responsible Entity, you will need to obtain an AFSL.
If you intend to act as the investment manager only, you are also required to be authorised by an AFSL (by either obtaining your own AFSL or acting as an Authorised Representative of another AFSL), however the authorisations are much more limited than those for a Responsible Entity, and you do not need to be a public company for this.
Retail funds are required to issue a Product Disclosure Statement (“PDS”) to investors unless an exemption applies. The PDS sets out a variety of information regarding the fund, including:
There is an exemption from disclosure (however not from licensing) in the Corporations Act for small-scale offerings of managed investment products.
“Small-scale offerings” must:
There will be a breach of the 20 investors ceiling test (item 1 above) if the offering “results in the number of people to whom the issuer has issued managed investment products exceeding 20 in any 12-month period”.
There will be a breach of the $2 million ceiling test (item 2 above) if the offering “results in the amount raised by the issuer exceeding $2 million in any 12-month period”.
To meet the “personal offers” test under the Corporations Act (item 3 above) the offer must:
It is important to remember that the disclosure exemption is not also an exemption from the requirement to hold an AFSL.
Retail funds are generally required to be registered with ASIC, subject to limited exceptions.
There are a number of documents required for registration, including:
A compliance committee must also be formed where less than half the directors of the Responsible Entity are external directors.
Sophie Grace can:
There are a number of other issues to be considered for those operating a funds management business. Please click here to read more.
Sophie Grace can provide you with an AML/CTF Program and can assist you to tailor it to your business’ needs. We have three different options available to suit your business and finance needs.
You can purchase template documents from our online shop. The template is an instant download and includes prompts to help you tailor the document yourself. We have template documents for:
Sign up to the Compliance Portal and receive the template AML/CTF Program Package, and obtain access to updated documents in light of any updates we make as new guidance or amended legislation is released. Choose between:
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
Find everything you need in relation to the AML/CTF Reforms
Sign up today for up-to-date compliance policies and regular consultation with our staff. Watch our demonstration video now!
We will get in touch as soon as possible
