Australian Securities & Investments Commission updates managed investment scheme guidance to reflect new compliance standard and virtual meeting provisions

The Australian Securities & Investments Commission updated two regulatory guides for managed investment schemes, Regulatory Guide 132 on compliance and oversight and Regulatory Guide 136 on discretionary powers, with minor and technical amendments to reflect consequential legislative changes and ASIC relief. The updates do not change legal requirements or impose additional regulatory burdens, and no external consultation was conducted because the changes are consequential and administrative. The guidance continues to target responsible entities of registered managed investment schemes and operators of other collective investment schemes, as well as relevant service providers and advisers. Regulatory Guide 132 now refers to Australian Standard AS ISO 37301:2023 (replacing AS ISO 19600:2015) for compliance management systems and makes related minor text updates, with ASIC noting the 2023 standard is substantially consistent with the earlier version; the guide was last substantively updated in June 2022. Regulatory Guide 136 was updated for new Corporations Act provisions allowing scheme member meetings to be held as virtual-only or hybrid meetings, which may affect when relief from meeting requirements is appropriate, alongside updates to outdated class order references, definitions and drafting on related schemes; it was last substantively updated in July 2018.