ASIC is seeking feedback on its 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.
ASIC is proposing to remake ASIC Corporations (Managed Investment Product Consideration) Instrument 2015/847 (Instrument 2015/847), currently due to sunset on 1 October 2025, for a period of five years.
ASIC has 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.
ASIC proposes 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Under the Legislation Act 2003, all legislative instruments are repealed automatically, or sunset, after 10 years, unless ASIC takes action to preserve them.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.
Please refer to CS 27 Proposed remake relief of instrument for managed investment product consideration
Background
ASIC Instrument 2015/847 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for exercises of pricing discretions are consistent with simplifications made in 2023 to those requirements in Superseded Class Order [SCO 13/657] Discretions affecting the amount of consideration to acquire interests and withdrawal amount when it was rolled over into ASIC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
- CS 27 Proposed remake of relief instrument for managed investment product consideration
- 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
