The Australian Securities & Investments Commission (ASIC) will allow its conditional relief for business introduction and matching services that facilitate offers of interests in registered managed investment schemes to expire on 1 April 2025, and will withdraw Regulatory Guide 129 on business introduction and matching services. The expiring instrument had provided conditional relief from certain Corporations Act 2001 requirements on fundraising, financial product disclosure, hawking and advertising for persons making, or calling attention to, managed investment scheme offers through a business introduction service, but it did not provide relief from the Australian financial services licensing requirement. ASIC cited minimal reliance since 1 October 2022 and consultation feedback, noting it received two submissions and neither demonstrated an industry need to extend the managed investment scheme relief; ASIC also concluded that reinstating earlier fundraising relief for securities under Chapter 6D was not justified given consumer protection considerations.
Australian Securities & Investments Commission 2025-03-28
Australian Securities & Investments Commission lets business introduction services relief for managed investment scheme offers lapse and withdraws Regulatory Guide 129
The Australian Securities & Investments Commission (ASIC) will let its conditional relief for business introduction and matching services related to registered managed investment schemes expire on 1 April 2025 and will withdraw Regulatory Guide 129. The relief, exempting certain Corporations Act 2001 requirements, saw minimal reliance since October 2022. ASIC's decision follows consultation feedback indicating no industry need to extend the relief, and it determined that reinstating previous fundraising relief for securities was unwarranted due to consumer protection concerns.