The delivery date for the Australian Securities Exchange (ASX) Aqua II platform, now known as the ASX Managed Funds Service (AMFS), could be early next year if ASIC gives it the green light once industry consultation has concluded.
On 30 May, ASIC released Consultation Paper 208 “ASX Managed Fund Service: Relief from the application form requirement”, inviting the industry to provide feedback on the ASX’s proposal to remove paper-based applications.
The AMFS will allow managed funds to be quoted and settled on the ASX.
The corporate regulator was seeking opinion on the likely compliance costs, the likely effect on competition and other impacts, costs and benefits.
Comment is due by 11 July, followed by an ASIC class order to be made sometime in November.
ASX head of customer and business development Ian Irvine said should the AMFS be approved by ASIC late this year, an early 2014 date was probable.
“Recognising the investment of time, the enthusiasm our foundation members have put in and the resilience as it has taken longer than we would have anticipated, it’s all very rewarding and the vast majority are still extremely positive and therefore expect a positive outcome [from the consultation],” Irvine told financialobserver.
“November’s not the best time to have a launch, so we would think it would be prudent to be ready to plan to do something early 2014.”