Report on the Review of the Managed Investments Act 1998

12 December 2002

© Commonwealth of Australia 2002
ISBN 0 642 71186 0

Duties of the Committee

Chapter 4-The compliance committee
Chapter 5-Compliance plan auditing
Chapter 6-Other checks and balances
Chapter 8-Costs and fees
Chapter 9-Proposals for change

Review of the Managed Investments Act
Initiation and conduct of the Committee's inquiry

Introduction
The Managed Investments Bill 1997
The Committee's report on the Bill
Commencement of the Managed Investments Act 1998
Review of the Managed Investments Act
Committee's inquiry into the review

Introduction
Key elements of the MIA's regulatory framework
The MIA's performance to date: an overview
Stress-testing by the market

Introduction-the compliance plan
In-house compliance monitors
Eligibility-the meaning of 'external'
Criticisms of the in-house compliance monitoring model
  Appointment and removal of committee members
  Insurance cover for members of compliance committees
  Duties of members of compliance board
  Appointment of an external corporate compliance entity
  Qualifications and experience of compliance monitors

External compliance monitoring
  The compliance plan audit

Introduction
  ASIC's capacity to discharge its responsibilities under the MIA
  Licensing requirements for REs-NTAs and insurance

Introduction

Introduction
  How has the MIA affected costs and fees?
  Start-up costs as a barrier to competition
  Reducing costs and charges
     Differential fees

Introduction
  The single RE model-supporters and detractors
     The protection offered by independent trustees
     Commercial Nominees of Australia-a case study
     Real-time monitoring
     Mandatory third-party custodianship

Summary
General Comments