On 30 January 2012, the Australian Securities and Investments Commission (ASIC) published guidance (regulatory guide 232) on agribusiness managed investment schemes. ASIC has developed five benchmarks and disclosure principles for agribusiness schemes that can help retail investors understand the risks, assess the rewards being offered, and decide whether investment in these products is suitable for them. This guidance aims to assist responsible entities in understanding how to disclose against the benchmarks on an ’if not, why not basis’ and apply the disclosure principles. The benchmarks and disclosure principles cover an entity’s: fee structures; interests in the agribusiness scheme, including those of related parties; annual reporting to members; experts; and appointing and monitoring service providers. A Regulation Impact Statement was prepared by ASIC and assessed as adequate by the Office of Best Practice Regulation.
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