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​Recent Consultations

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

Date issued: 27 July 2020

This Report sets out the findings and decisions of the review by the Legal Services Council of rules 91A – 91D of the Legal Profession Uniform General Rules 2015 conducted between October 2019 and January 2020.

Following consultation, the Council has decided on the following actions:  

1. Revise the existing guidance material to produce:

(a) a short statement of the purpose of section 258 (that it operates to protect individual clients and community confidence in the legal profession by restricting the involvement of law practices in certain forms of financial intermediation), and

(b) brief plain English technical guidance summarising the operation of the MIS Rules for law practices, including the effect of rule 91C and section 258(4).

2. Request an amendment to rule 91B to permit a law practice to provide legal services in relation to an MIS, in circumstances where an associate of the law practice has an interest in the MIS or MIS operator but the provision of those legal services does not give rise to a conflict between the duty to serve the best interests of the client and the interests of the associate of the law practice. 

Click here for the Report 

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

Date issued: 4 December 2019

This Consultation Paper:

The consultation paper is based on submissions received on the Terms of Reference and consultation conducted during October 2019 with industry associations and regulators in Victoria and New South Wales.

Click here for the Consultation Paper.

Submissions closed on 31 January 2020.

Submissions received

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

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 closed on Thursday, 3 October 2019.

Submissions received