The Parliamentary Secretary to the Treasurer, Ian Campbell, today announced the release of the Review of the Managed Investments Act 1998.
The review was conducted by Mr Malcolm Turnbull, at the request of the Government, to fulfil the requirement of the Managed Investments Act 1998 (the MIA) that its operation be reviewed as soon as possible after the third anniversary of its commencement on 1 July 1998. Submissions to the review were invited from the public, and a total of 31 submissions was received.
The findings of the review indicated that, overall, the regulatory arrangements for the managed investment industry were working effectively and that the majority of industry participants had transitioned well to the new regime.
However, the report identified a number of issues that will require further consultation before any recommendations can be finalised. I have asked Treasury to undertake the necessary consultations with ASIC, industry participants, and other interested stakeholders.
Where the report has made specific recommendations, the Government will consider these alongside any other recommendations that may flow from the further round of consultations.
Finally, the Government would like to extend its thanks to Mr Malcolm Turnbull for his work in conducting the review. The contribution made by the 31 respondents to the review was also greatly appreciated.
A copy of the Review will be sent to all contributors and an electronic version will also be made available on the Treasury website at www.treasury.gov.au.
Canberra
19 December 2001
Contact: Georgia-Kate Schubert - Senator Campbell's Office - 02 6277 3955 or 0419 265234