The Australian Securities & Investments Commission has remade its relief on managed investment product consideration, continuing modifications to requirements on pricing interests in registered managed investment schemes (excluding time-share schemes) that were registered before 1 October 2013. The new instrument maintains the existing relief for five years and makes minor changes that simplify documentation of pricing-related discretions and allow schemes with interests quoted on the financial market operated by Cboe Australia Pty Ltd to rely on the relief. The relief applies to schemes that have not opted in to rely on ASIC’s 2023 instrument on discretions for setting issue and withdrawal prices, and is designed to provide certainty and flexibility when setting issue prices and applying discretions under pricing formulas, including determining issue prices and withdrawal amounts. Documentation requirements have been simplified to reduce prescription and align with the approach in the 2023 instrument, while the extension to Cboe-quoted interests reflects consultation feedback seeking more market-neutral drafting. Consultation on remaking the prior relief was conducted under CS 27, with three submissions received (two supportive), and non-confidential submissions and ASIC’s responses published. The remake is intended to prevent disruption that would otherwise have arisen when the previous instrument was due to sunset on 1 October 2025.

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