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Responsible entities : New Financial Requirements

ASIC has set new financial requirements for responsible entities (REs) of managed investment schemes addressing capital and liquidity.

They must now prepare 12-month cash-flow projections, approved at least quarterly by directors;

A new net tangible asset (NTA) requirement means a RE must hold the greater of:

•     $150,000
•     0.5% of the average value of scheme property (capped at $5 million), or
•     10% of the average RE revenue – with no upper limit.

in liquid assets.  At least 50% of those liquid assets must be in cash or cash equivalents.

The rules are set out in Class Order 11/1140, updated Regulatory Guide 166 Licensing: Financial requirements and Pro Forma 209 Australian financial services licence conditions.

	Martin Fensome Audit and Assurance T:+61 3 9274 0600		Gordon Robertson Audit and Assurance T:+61 3 9274 0600

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