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Gavin McInnes

Gavin McInnes

  • Joined: April 9, 2026
  • Articles: 60

Registered vs Unregistered Managed Investment Schemes: ASIC Requirements

Under the Corporations Act 2001 (Act), (Section 601ED) a managed investment scheme (where interests in it are financial products) must be registered if:

  • it has more than 20 members; or

  • it was promoted by a person, or an associate of a person, who was, when the scheme was promoted, in the business of promoting managed investment schemes; or

  • a determination [is in force under which ASIC has determined that a number of managed investment schemes are closely related and must be registered when the total number of investors across all the scheme exceeds 20].

Managed Investment Schemes (MIS) Explained: A Guide for Businesses

The term “managed investment scheme” is often used but not always well understood.  You might have come across the term while planning a new business venture which will involve attracting investors and having them contribute funds.  Or perhaps you want to provide advice to investors about an investment product and you are not sure whether it is covered by your existing Australian financial services (AFS) licence authorisations.

Unfair Contract Terms: New Penalties and ASIC Enforcement Priorities

Time is of the essence for companies to prepare for changes to unfair contract terms (UCT) laws. The new regime will apply to standard form contracts entered into or renewed following 9 November 2023, and to terms of standard contract terms varied after this date.
In this article, we explore the regime changes and how your organisation can prepare for the new reforms.

ASX Listing: A Guide to Issuing a Prospectus & Managing Liability

The company must issue a prospectus (or with ASX’s agreement, an information memorandum if the company is undertaking a compliance listing without raising capital) before it can be listed on ASX.

When an offer of new securities is made to Australian retail investors, a prospectus (which has been lodged with ASIC) must be issued to investors.

A prospectus (or other disclosure document) is also required for secondary sales of previously issued securities in certain circumstances.  The “on-sale” provisions contained in the Corporations Act (which impose this disclosure requirement) are intended to prevent companies or sellers from avoiding the prospectus requirements by issuing or selling their shares to sophisticated and professional investors only (who do not ordinarily require a disclosure document) only for those purchasers to “on-sell” those shares to retail investors.

Choosing the Right IPO Vehicle and Offer Structure for Your ASX Listing

A proprietary company cannot issue or offer to sell shares to the public or retail shareholders. In this respect, it will be necessary for a proprietary company to convert to a public company before an IPO.  Alternatively, a new public company could be established to be the IPO vehicle and to own the shares in the proprietary company.
It will be important to determine early in the process which entity will be listed. This will depend on a number of factors

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