COVID-19 information – Managed investment schemes
This FAQ was last updated on 15 June 2020.
This page contains answers to frequently asked questions relating to managed investment schemes (schemes) during the COVID-19 pandemic.
These FAQs do not constitute legal advice. You should seek your own professional advice to find out how the relevant regulatory requirements apply to you.
1. Can I lodge electronic copies (rather than physical originals) of documents that are required to be lodged with ASIC under Chapter 5C?
The following electronic documents may be lodged online through either the AFS licensee portal or the registered agent portal for current AFS licensees, or through the registered agent portal for new AFS licence applicants:
- Form 5100 Application for registration of a managed investment scheme
- Initial constitution for a managed investment scheme
- Initial compliance plan for a managed investment scheme
- Form 5103 Directors' statement relating to application for registration of a managed investment scheme.
In addition, breach reports are now submitted electronically via the transaction 'Submit Australian financial services licensee breach report', via the ASIC Regulatory Portal. Visit our information page for more detail about submitting breach reports on the portal.
All other documents and forms required to be lodged pursuant to Chapter 5C must be lodged by post in paper form.
Applications for relief or no-action letters may be lodged via the email at email@example.com.
2. Will ASIC accept electronic signatures on forms and documents required when applying to register a scheme?
ASIC will accept an electronic signature on the Form 5100 Application for registration of a managed investment scheme when the form is lodged through the AFS licensee portal or the registered agent portal.
Until 6 November 2020, ASIC will accept electronic signatures on company documents lodged with ASIC, including those accompanying an application for registration of a scheme. This is in line with the Treasurer’s temporary modification to the operation of s127 of the Corporations Act 2001 (Corporations Act), which gives certainty that, when company officers sign a document electronically (including an electronic document) in accordance with the modified s127, the document has been validly executed.
We acknowledge that it may be difficult in the current circumstances for all directors to sign the same physical copy of a document.
Where the following documents are signed by more than one person ASIC will accept them for lodgement in counterparts:
- Form 5103 Directors' statement relating to application for registration of a managed investment scheme;
- The scheme’s compliance plan (including a modification or new plan); and
- Company documents signed under s127 of the Corporations Act (including the scheme constitution).
Where any of these documents are signed in counterparts and lodged as part of an application to register a scheme through the AFS licensee portal or the registered agent portal, the applicant must provide all separately signed counterparts of the document. These portals allow two documents to be uploaded for each of the compliance plan and constitution and one document to be uploaded for the Form 5103. If the number of counterparts exceeds the number of documents that may be uploaded, the counterparts must be scanned and uploaded as a single document.
Where any of these documents are signed in counterparts and lodged by post, the applicant must provide all separately signed counterparts of the document.
In circumstances where directors are not able to sign a compliance plan, modification or replacement compliance plan, an agent of the directors may sign these documents on their behalf. The agent’s authority or a copy verified by a director of the entity, must be attached to the plan or modification.
Where a compliance plan is lodged via the portal, the agent’s authority, or a copy verified by a director, must be uploaded with the compliance plan.
Currently, you can send scanned copies of applications for relief or no-action letters to firstname.lastname@example.org. See Regulatory Guide 51 Applications for relief and Information Sheet 82 for further information.
From early in the new financial year, applications for relief should be submitted through the ASIC Regulatory Portal. The portal will replace the current email channel as the primary method to submit applications for relief. Visit our information page for more detail about this change.
ASIC has extended the deadline for listed and unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act and the timeframe for completion of compliance plan audits by one month.
This applies to responsible entities, which must prepare and lodge, for each financial year:
- for themselves and their registered schemes – financial reports, directors’ reports and auditor’s reports under Chapter 2M of the Corporations Act, and
- for themselves – profit and loss and balance sheets (and other associated information) under Chapter 7 of the Corporations Act as an AFS licensee.
The relief also provides for an additional month for the completion of the compliance plan audit required under Chapter 5C of the Corporations Act.
The relief applies to financial reports of unlisted entities for year ends from 31 December 2019 to 7 July 2020. Listed entities will be able to take one additional month to report for full year and half-year financial reports for 21 February 2020 to 7 July 2020 balance dates. The 7 July 2020 date accommodates entities that use a provision in the Corporations Act, which allows their financial year to be changed by plus or minus seven days each year.
The extended deadlines will only apply where the normal reporting deadline has not already passed at the time that the relevant instrument of relief was registered.
Listed entities are required to inform the market when they rely on the extended period for lodgement. These entities may also find it desirable to explain the reasons for relying on the extended deadlines.
Important information on schemes can be found on our website and on the pages below:
- How to register a managed investment scheme
- Requirements when running a managed investment scheme
- Requirements when closing a managed investment scheme
- Electronic Lodgment Protocol
- Regulatory Guide 134 Managed Investments: Constitutions
- Regulatory Guide 132 Managed investments: Compliance plans
- Information Sheet 220 Managed investment schemes: Common registration issues
More information on ASIC’s response to the COVID-19 pandemic is available on our website.
- COVID-19 information page
- Details of changes to ASIC regulatory work and priorities in light of COVID-19
- Guidelines for meeting upcoming AGM and financial reporting requirements
8. Will ASIC be amending the transitional arrangements in RG 97 instrument ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070?
ASIC will be amending the transitional arrangements for Product Disclosure Statements (PDSs) shortly to allow entities to come into the new disclosure regime from 30 September 2020 and require any PDS given on or after 30 September 2022 to comply with the new disclosure regime. There will be no change to the periodic statement transition arrangements. ASIC will issue a media release and update the RG 97 webpage when the amendment is made.