Notice - Investment Funds Amendment Act 2023 and Updates to the Related Rules (2023-12-05)

Summary

This BMA notice announces that amendments to the Investment Funds Act 2006, the Investment Fund Rules 2019, and the Investment Fund Offering Document Rules 2019 came into effect in 2023, following a 2023 consultation on enhanced supervisory powers. It also notes that the Authority has updated its Investment Fund Guidelines to reflect these changes.

• Operator obligations: Clarifies the obligations of investment fund operators under the funds legislation.
• Late fees: Expands the Authority's power to impose late fees for operator non-compliance with certain time-barred requirements in the Act or Rules.
• Filing extensions: Grants the Authority powers to approve filing deadline extensions, aligning treatment with other regulated financial sectors.
• Directions powers: Expands the range of directions the Authority may issue in relevant circumstances.
• Auditor communication: Introduces a requirement for appointed auditors to communicate certain matters to the Authority.
• Other changes: Includes various housekeeping updates to the funds legislation.

The notice directs affected persons to the updated funds legislation and guidelines on the BMA website and provides a contact email for questions, but does not itself set out new filing dates beyond referring readers to the amended legislation and rules.

Key obligations

• Operators of investment funds must comply with clarified obligations under the amended funds legislation.
• Operators may be subject to late fees for non-compliance with time-barred requirements under the Act or related Rules.
• Appointed auditors of investment funds must communicate certain matters to the Authority as required under the amended legislation.

Applies to

investment funds, operators of investment funds, appointed auditors of investment funds

Related documents

• This document amends Investment Funds Act 2006