Responsible Entity Services
One Investment Group operates a number of Responsible Entities. Each of these entities holds an Australian Financial Services Licence and is licensed, pursuant to the Corporations Act, to operate financial services businesses and to act as a Responsible Entity for registered managed investment schemes.
Each registered managed investment scheme is governed by a constitution. The constitution must be lodged with Australian Securities and Investment Commission. A compliance plan must also be prepared for each registered scheme which describes the key processes, systems and structures that the Responsible Entity will apply to ensure compliance with the Corporations Act, the scheme’s constitution and financial services laws. The compliance plan is required to be audited annually and the audit report is lodged with the Australian Securities and Investments Commission. The role of the Responsible Entity includes responsibility for compliance with the managed investment scheme constitution and compliance plan, and ongoing satisfaction of legislative and regulatory requirements.
When acting as a Responsible Entity for hire, One Investment Group’s services can include:
- Scheme registration
- Production of offer/disclosure documents
- Designing compliance plans
- Monitoring of compliance with the Corporations Act, PDS, constitution and compliance plan
- Liaison with ASIC
- Managing adherence to legislative and regulatory requirements
- Custody services
- Appointment and monitoring of external service providers
- Back-office solutions (in-house or outsourced), including:
- Scheme administration
- Fund accounting
- Unit registry
- Portfolio valuation
- Unitholder reporting
- Complaints monitoring and resolution
A Responsible Entity’s role is similar to that of a Trustee with a wholesale managed investment scheme, however a Responsible Entity has additional obligations and responsibilities.
One Investment Group has a wealth of experience in acting as Responsible Entity for registered schemes and trustee for unregistered schemes, and is currently the Responsible Entity/Trustee for in excess of 120 managed investment schemes. One Investment Group can offer a unique solution in the market in that should the investment manager wish, members of the One Investment Group can undertake the Responsible Entity, Custody, Registry and Fund Administration services for a fund or, alternatively, the investment managers can choose a single service or combination of services. One Investment Group has worked with numerous investment managers to establish registered schemes in a variety of asset classes and the team is well-positioned to assist investment managers looking for a qualified and experienced Responsible Entity for hire.
Should you be seeking a Responsible Entity to assist with the establishment of a registered managed investment scheme, please contact us.
As well as acting as a Responsible Entity for hire for registered schemes, One Investment can also offer its trustee services for unregistered schemes.
Relief for externally administered companies and registered managed investment schemes being wound up – Regulatory Guide 174 Update
ASIC recently released a consultation paper on relief for externally administered companies and registered schemes being wound up. The main purpose of Consultation Paper 223 (Relief for ...
NSW Government removes $1.5 million dollar Waratah Bond investment requirement from SIV programme
The NSW Government has announced the removal to its Significant Investor Visa (SIV) requirement to invest a minimum of $1.5 million dollars in Waratah Bonds as part of ...
Taxpayer Alert – ATO Spotlight on Property Development
On 28 August 2014, the ATO will release Taxpayer Alert TA 2014/1, casting doubt on the tax treatment of property development structures that use trusts to stream discounted ...
ASIC withdraws its controversial treatment of superannuation funds as retail clients
An area of controversy over the last 10 years has been the classification of a superannuation investor as either retail or wholesale. If a financial service does ...
FOFA Changes: What is the current position?
Effective 1 July 2014, the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014(Cth), has been registered resulting in the following regulatory amendments: removal of the Opt-In ...