Management and Investment Companies Regulations
Statutory Rules 1984 No. 433 as amended
made under the
Management and Investment Companies Act 1983
This compilation was prepared on 10 January 2001
taking into account amendments up to SR 1985 No. 384
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
Page
1 Citation [see Note 1]
2 Interpretation
3 Prescribed activities for the purposes of subparagraph 29 (6) (a) (ii) of the Act
4 Prescribed services for the purposes of subparagraph 29 (6) (a) (iii) of the Act
5 Prescribed services for the purposes of subparagraph 29 (6) (a) (x) of the Act
6 Prescribed instruments for the purposes of paragraph 37 (1) (c) of the Act
Notes
1 Citation [see Note 1]
These Regulations may be cited as the Management and Investment Companies Regulations.
2 Interpretation
In these Regulations, the Act means the Management and Investment Companies Act 1983.
3 Prescribed activities for the purposes of subparagraph 29 (6) (a) (ii) of the Act
For the purposes of subparagraph 29 (6) (a) (ii) of the Act, the following activities are prescribed, namely, agricultural, forestry or fishing activities carried out for purposes related to the development of biotechnology in the field of agriculture, forestry or fishing.
4 Prescribed services for the purposes of subparagraph 29 (6) (a) (iii) of the Act
For the purposes of subparagraph 29 (6) (a) (iii) of the Act, the following communication services are prescribed:
(a) cable television services;
(b) the delivery of documents;
(c) electronic mail services;
(d) facsimile transmission services;
(e) satellite communication services;
(f) teleconferencing services;
(g) videotext services.
5 Prescribed services for the purposes of subparagraph 29 (6) (a) (x) of the Act
For the purposes of subparagraph 29 (6) (a) (x) of the Act, the marketing of educational or training kits consisting, wholly or in part, of a package of books or other documents giving information on, or instruction in, technical or trade-related subjects is prescribed.
6 Prescribed instruments for the purposes of paragraph 37 (1) (c) of the Act
For the purposes of paragraph 37 (1) (c) of the Act, the following instruments are prescribed, namely, bills of exchange (other than cheques).
Notes to the Management and Investment Companies Regulations
Note 1
The Management and Investment Companies Regulations (in force under the Management and Investment Companies Act 1983) as shown in this compilation comprise Statutory Rules 1984 No. 433 amended as indicated in the Tables below.
Table of Statutory Rules
Year and
number | Date of notification
in Gazette | Date of
commencement | Application, saving or
transitional provisions |
1984 No. 433 | 19 Dec 1984 | 19 Dec 1984 | |
1985 No. 384 | 20 Dec 1985 | 20 Dec 1985 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
R. 6................. | ad. 1985 No. 384 |
Overview
The Management and Investment Companies Regulations, Statutory Rules 1984 No. 433 as amended, were made under the Management and Investment Companies Act 1983 to provide detailed rules for the operation of management and investment companies in Australia. These regulations address the need for specific guidelines to govern the activities and services that such companies can offer, ensuring they comply with broader legislative intent and public interest. The enacting body for these regulations is the Parliament of Australia, which aimed to provide a structured framework that enhances transparency, accountability, and efficiency in the operations of management and investment companies. The overarching policy objective is to protect investors by ensuring that companies adhere to prescribed activities and services, thus maintaining a stable and trustworthy financial environment.
Scope and Application
The Management and Investment Companies Regulations 1984, made under the Management and Investment Companies Act 1983, apply to entities that are investment companies or management companies within Australia. These regulations provide detailed definitions and specify activities and services that fall within the purview of the Act. For example, they prescribe certain agricultural, forestry, or fishing activities related to biotechnology development as well as specific communication and marketing services. The geographic scope of these regulations is national, impacting entities operating across Australia. While the Act and its subordinate regulations broadly cover investment and management companies, certain exclusions and thresholds apply, such as the exclusion of cheques from the definition of prescribed instruments. The regulations are subject to amendment through further statutory rules, ensuring they remain relevant to the evolving financial landscape.
Key Provisions
The Management and Investment Companies Regulations, made under the Management and Investment Companies Act 1983, provide specific definitions and prescriptions that govern the activities and services of management and investment companies. The Regulations are structured to ensure clarity and compliance with the overarching Act. For instance, section 3 prescribes activities related to biotechnology development in agriculture, forestry, or fishing, which must be undertaken by companies in accordance with the Act. Section 4 further specifies a range of communication services, including cable television, document delivery, and teleconferencing, which are recognised for regulatory purposes. Additionally, section 5 prescribes the marketing of educational or training kits, while section 6 lists financial instruments such as bills of exchange (excluding cheques).
The Regulations impose specific obligations on entities governed by the Act. Companies must adhere to the prescribed activities and services outlined in the Regulations, ensuring their operations comply with the statutory framework. For example, any management or investment company involved in biotechnology-related agricultural, forestry, or fishing activities must do so as per the definitions and limitations set out in section 3. Similarly, companies offering communication services must comply with the detailed list provided in section 4, ensuring they meet the regulatory standards for each service type. The obligations extend to ensuring that any financial instruments they deal with are correctly classified, as per section 6.
Breach of the Regulations can result in significant consequences. While the specific penalties are not detailed in the Regulations themselves, the overarching Act provides a framework for enforcement. Generally, non-compliance with the Act’s provisions can lead to civil penalties, including fines, and potentially criminal charges for more severe breaches. The exact penalties would depend on the nature and severity of the breach, with potential maximum penalties outlined in the Act. It is crucial for companies to maintain strict adherence to the Regulations to avoid these consequences.