Released 5 August 2025. Comments closed 29 August 2025.
We are seeking feedback on our proposal to remake a legislative instrument modifying requirements related to pricing of interests in managed investment schemes (other than time-share schemes) registered before 1 October 2013.
We are proposing to remake ASIC Corporations (Managed Investment Product Consideration) Instrument 2015/847 (ASIC Instrument 2015/847), currently due to sunset on 1 October 2025, for a period of five years.
We have assessed that this instrument is operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.
The proposed instrument is intended to maintain the relief so its ongoing effect is preserved without any disruption to the entities that rely on it.
We propose to remake the instrument with minor changes designed to:
- simplify the requirements to document exercises of discretion affecting the pricing of interests
- reduce the level of prescription in those documentation provisions, and
- ensure the instrument is in line with ASIC’s current drafting style.
Under the Legislation Act 2003, all legislative instruments are repealed automatically, or sunset, after 10 years, unless ASIC takes action to preserve them.
Providing feedback
We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5pm AEST on Friday, 29 August 2025.
You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous we will not be able to contact you to discuss your feedback should we need to.
We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential. Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.
Background
ASIC Instrument 2025/629 provides certainty and appropriate flexibility to responsible entities and members of registered managed investment schemes registered before 1 October 2013 (other than time-sharing schemes), in relation to the pricing of interests. This includes how responsible entities may set the amount of the consideration to acquire interests in a scheme in certain circumstances, and how they may exercise discretions in relation to a formula or method used for determining the issue price or withdrawal amount.
The proposed changes to the documentation requirements for exercises of pricing discretions are consistent with simplifications made in 2023 to those requirements in Superseded Class Order [SCO 13/657] Discretions affecting the amount of consideration to acquire interests and withdrawal amount when it was rolled over into ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693 (ASIC Instrument 2023/693).
ASIC Instrument 2023/693 provides similar relief for responsible entities of managed investment schemes that were registered on or after 1 October 2013, or for managed investment schemes that have provided notice of their reliance on that Instrument.
ASIC proposes to maintain the relief contained in ASIC Instrument 2015/847 for managed investment schemes registered before 1 October 2013 (other than time-sharing schemes), given legal, operational and cost implications of requiring responsible entities of those schemes to comply with ASIC Instrument 2023/693 would be unduly burdensome.
There are approximately 1762 schemes that may be relying on ASIC Instrument 2015/847.
Related links
- News item: ASIC remakes relief instrument for managed investment product consideration (25 September 2025)
- ASIC Corporations (Managed investment product consideration) Instrument 2025/629
- ASIC Corporations (Amendment and Repeal) Instrument 2025/630
- News item: ASIC proposes to remake relief instrument for managed investment product consideration (5 August 2025)
- ASIC Corporations (Managed Investment Product Consideration) Instrument 2015/847
- ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693
- Superseded Class Order [SCO 13/657] Discretions affecting the amount of consideration to acquire interests and withdrawal amount
Consultation feedback and ASIC’s response
ASIC received three submissions in response to our consultation, two of which were supportive of our proposal.
One stakeholder submitted that the Instrument should be drafted in a more market-neutral manner. In response to this feedback, we extended the relief to schemes with interests quoted on the financial market operated by Cboe Australia Pty Ltd.
Another stakeholder submitted that the relief in the Instrument should be allowed to lapse so that all registered schemes rely on ASIC Instrument 2023/693. Minor amendments to the opt-in requirements for ASIC Instrument 2023/693 were also proposed in the submissions.
ASIC has decided to maintain the relief in ASIC Corporations (Managed investment product consideration) Instrument 2025/629 for managed investment schemes (other than time-share schemes) registered before 1 October 2013 because it may be unduly burdensome to require responsible entities of those schemes to amend the scheme constitutions and procedures in order to transition to reliance on relief under ASIC Instrument 2023/693. Since the responsible entities of these schemes may opt in to rely on ASIC Instrument 2023/693, we consider that maintaining relief in the Instrument affords these responsible entities appropriate flexibility.
ASIC will give further consideration to whether or not the opt-in notice requirements for ASIC Instrument 2023/693 should be relaxed.