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Funds and asset management law in Perth, Australia refers to the legal frameworks and regulations that govern the management of investment funds and client assets. This field covers collective investment schemes, managed investment funds, superannuation, discretionary trusts, hedge funds, property syndicates, and related financial products. The law is designed to protect investors, maintain the integrity of the financial system, and ensure responsible management by fund managers and trustees. In Perth, as part of Western Australia, funds and asset management are mainly regulated at the federal level, but with local considerations relevant to Western Australian investors, assets, and property-based investments.
Legal advice is often necessary in the funds and asset management sector due to the complex and highly regulated nature of the industry. Common situations where you may require the assistance of a lawyer include:
Funds and asset management in Perth are governed primarily by Australian federal law. The main legislation is the Corporations Act 2001 (Cth), which sets out licensing requirements, disclosure obligations, and compliance duties for managed investment schemes and financial services providers. The Australian Securities and Investments Commission (ASIC) is the primary regulator overseeing funds and asset managers. Locally, considerations may include Western Australian property and tax law, especially when funds have significant holdings in real assets located in the state. All fund managers operating in or out of Perth must generally hold an Australian Financial Services Licence (AFSL), comply with Anti-Money Laundering and Counter-Terrorism Financing Act requirements, and meet the ongoing obligations set by corporate and trust law.
A managed investment scheme is a type of collective investment vehicle where funds from different investors are pooled together to be managed for a common purpose, such as investing in property, shares, or other assets.
Most fund managers who provide financial services, including responsible entities of managed investment schemes, must hold an AFSL unless a specific exemption applies.
Investors are protected through regulations governing compulsory disclosure, licensing of managers, segregation of assets, and duties of care and loyalty owed by fund managers and trustees.
A responsible entity must act in the best interests of investors, comply with the scheme constitution, ensure proper asset management, and meet regulatory reporting requirements.
Disputes may be resolved through internal complaint mechanisms, alternative dispute resolution such as mediation, or through the courts. ASIC also plays an enforcement and oversight role.
While the general regulatory framework applies, property-based funds may also need to consider local property laws, Native Title issues, and state-based stamp duty or land tax obligations.
Some funds accommodate both types of investors, but additional disclosure and compliance obligations typically apply to funds open to retail investors to afford them greater protection.
Review the fund’s constitution, product disclosure statement, information about fees, investment strategy, governance structure, redemption rights, and potential risks.
Breaches can result in civil enforcement action by ASIC, criminal prosecution, investor compensation orders, or the removal/termination of the manager or responsible entity.
Overseas funds targeting Australian investors or operating in Australia may be subject to local laws and must generally comply with AFSL requirements or obtain specific relief from ASIC.
If you need further information or support regarding funds and asset management in Perth, the following resources may be helpful:
If you are considering establishing a fund, investing in a managed scheme, or facing a legal issue related to funds or asset management in Perth, it is important to seek expert legal advice. Contact a lawyer or law firm with proven experience in funds and asset management. Prepare all relevant documentation, including fund constitutions, marketing materials, contracts, and records of regulatory communication. Arrange an initial consultation to discuss your situation in detail, clarify your goals, and establish a strategy for compliance or dispute resolution. Taking timely legal advice is crucial to protect your interests and ensure you operate within the regulatory framework.
