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Tuesday, 23 June 1998
Page: 3858


Senator COOK (8:38 PM) —My next amendment is the fourth one listed on opposition sheet No. 939. This concerns the disclosure of custodial arrangements in scheme prospectuses. This amendment is designed to act as a signpost for investors who are putting their hard-earned cash into managed investments. It will ensure that investors have in front of them in the SRE scheme's prospectus an important part of the relevant information so that they can make an informed decision about the nature of their chosen investment vehicle. Labor's amendment will require a fund to declare in its prospectus how the scheme's assets will be held, which is an important situation for some but not for others, as I have already suggested. Whatever a person's motivation for investing, they should have an appropriate amount of information before them when deciding. Our amendment will provide that information when it comes to custodial arrangements. Accordingly, I move:

(4) Schedule 2, page 90 (after line 27), after item 138, insert:

138A At the end of paragraph 1022(3)(a)

Add "and, in relation to a managed investment scheme, the nature of the arrangements by which the scheme property is held".