Review of Managed Investment Schemes Uniform General Rules 91A-91D


Date issued: 3 September 2019


On 1 July 2018, new Uniform Law provisions regarding the operation of Managed Investment Schemes commenced in NSW and Victoria. To ensure that these provisions meet the reform objectives, the Legal Services Council (LSC) was tasked by the Standing Committee to review the effectiveness and regulatory impact of Rules 91A-91D of the Legal Profession Uniform General Rules 2015 relating to Managed Investment Schemes (MIS Rules) after 12 months.

On 1 July 2019, the LSC commenced its review of the MIS Rules and, pursuant to the Terms of Reference, will consider and report on the effectiveness and regulatory impact of the MIS Rules in relation to the legal profession, consumers and regulators, having particular regard to:

  1. The extent to which the MIS Rules are meeting the objective of consumer protection;
  2. The nature and extent of any regulatory activity in respect of the MIS Rules, and
  3. The nature and extent of any impact on law practices and regulated entities.

The Review will not consider or re-visit the scope of s 258 of the Legal Profession Uniform Law.

Click here for the Terms of Reference.

Submissions are invited by email to: submissions@legalservicescouncil.org.au on or before Thursday, 3 October 2019.

Please mark your submission IN CONFIDENCE, if you do not wish to have your submission published on the LSC website.