ALLBRIGHT provides necessary services to your business to make sure that regulatory requirements are meet under your AFSL, including:
ALLBRIGHT can help you establish or maintain your retail funds.
The trustee of a retail fund is a responsible entity and must be a public company that holds an AFSL with the appropriate authorisations.
Retail funds are required to issue a PDS unless an exemption applies. There is an exemption for small-scale offerings of managed investment products.
“Small-scale offerings” must:
There will be a breach of the 20 investors ceiling test (item 1 above) if the offering “results in the number of people to whom the issuer has issued managed investment products exceeding 20 in any 12 month period”.
There will be a breach of the $2 million ceiling test (item 2 above) if the offering “results in the amount raised by the issuer has issued managed investment products exceeding $2 million in any 12 month period”.
To meet the “personal offers” test under the Corporations Act (item 3 above) the offer must:
Retail funds are required to be registered with ASIC unless they fall within the exemption of “small-scale offerings” where no PDS is required.
There are a number of documents required for registration, including:
There are a number of issues for those needing finance and those providing finance. For example, fundraising disclosure requirements, Personal Property Securities Registration (PPSR) requirements, financial assistance prohibitions, interest withholding tax and state-based stamp duties.
We have experience in assisting those needing finance and those providing finance. We can help you deal with the legal aspects of these issues, including drafting and/or negotiating the relevant loan or facility note issuance, security and/or disclosure documentation.
ALLBRIGHT are equipped to help you through all aspects of establishing and maintaining your wholesale fund.
If you intend to operate a wholesale fund as the trustee, you will be required to hold an AFSL.
Wholesale funds are not required to issue a PDS. You will need to prepare and issue an information memorandum to all investors in the fund. The information memorandum sets out a variety of information regarding the fund, including:
Wholesale funds are not required to be registered with ASIC.
We can prepare, review or amend: