The Minister for Financial Services & Regulation, Joe Hockey, today announced the Terms of Reference for the review of the Managed Investments Act 1998, which is to be conducted by Mr Malcolm Turnbull.
"The MIA has now been in place for three years, and the review gives us an opportunity to see how well the arrangements are operating, and whether they can be improved," the Minister said.
"Malcolm Turnbull has considerable experience in business, the law and public policy. This broad experience equips him well to conduct a fair and independent review of the managed investments legislation.
"The MIA requires that I table a report on the review in both Houses of Parliament by 31 December 2001. I have therefore, asked Mr Turnbull to provide me with his report by 3 December 2001."
The Terms of Reference for the review and information on making submissions are attached.
Further information relating to the review will be accessible at the review's website at http://miareview.treasury.gov.au.
6 August 2001
Media contacts: Matthew Abbott, Minister's office, 02 6277 7230, 0413 076
213
Michael Rosser, The Treasury, 02 6263 3962
REVIEW OF THE MANAGED INVESTMENTS ACT 1998
Section 3 of the Managed Investments Act 1998 (the Act) requires that a review of the Act be undertaken as soon as possible after the third anniversary of its commencement. I have appointed Mr Malcolm Turnbull to undertake a review of the Act, and to make recommendations, under the following terms of reference.
Terms of Reference
I, JOSEPH BENEDICT HOCKEY, appoint Mr Malcolm Turnbull to review the effectiveness of the arrangements for the regulation of managed investments introduced by the Managed Investments Act 1998 (the Act), contained in Chapter 5C of the Corporations Act 2001, to determine whether:
- the arrangements have delivered benefits in terms of:
- better protection of investors' investments;
- greater certainty as to the responsibilities, obligations and liability of scheme operators (known as `responsible entities' under the legislation);
- the rights of investors in managed investment schemes; and
- reducing the costs of investing in managed investment schemes.
- the arrangements have strengthened compliance practices, procedures and awareness amongst responsible entities and others involved in the managed investments industry;
- the arrangements cater for the diversity of managed investments, including consideration of the way in which the legislation is administered by the Australian Securities and Investments Commission; and
- refinements could be made (whether requiring legislative amendment or not) to enable the arrangements to operate more efficiently and effectively, while not unnecessarily detracting from the protection afforded to investors.
I have asked Mr Turnbull to deliver a written report to me by 3 December 2001. Submissions should be addressed to:
Managed Investments Act Review
c/o Financial Markets Division
The Treasury
Langton Crescent
PARKES ACT 2600
Submissions may also be faxed to the Review on (02) 6263 2882, or submitted by e-mail to miareview@treasury.gov.au.
It is intended that submissions will be made public. Persons who do not want their submission, or some part of their submission, made public should mark the submission `confidential' or otherwise clearly indicate those parts that are not to be made public. The closing date for submissions is Friday 7 September 2001.
Joe Hockey
Minister for Financial Services and Regulation