ASIC is seeking feedback on options for increasing the net tangible assets (NTA) requirement for responsible entities of registered managed investment schemes. Consultation Paper 388 Net tangible assets requirement for responsible entities (CP 388) proposes changes to the current NTA requirement set out in ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647 (Instrument 2023/647).   This consultation is intended to ensure the requirement continues to meet its objectives. We are also seeking feedback on: * increasing the NTA requirements that apply to other fund operators i.e. operators of investor directed portfolio services (IDPSs) and corporate directors of retail corporate collective investment schemes (CCIVs), and * the NTA requirements for other categories of licensees as this will inform future ASIC work. ASIC will announce its final position by 31 July 2026. Providing feedback ASIC welcomes feedback from industry and interested stakeholders on CP 388. Please send your submissions to rri.consultation@asic.gov.au by 5.00 pm AEST on 17 April 2026. Download * Consultation Paper 388 Net tangible assets requirement for responsible entities (CP 388) Background Responsible entities of registered managed investment schemes must meet the financial requirements (including the NTA requirement) in Instrument 2023/647. Operators of IDPSs and corporate directors of CCIVs are subject to similar requirements. See Regulatory Guide 166 AFS Licensing: Financial requirements (RG 166). ASIC last amended the financial thresholds in the NTA requirement for responsible entities in 2013. The NTA requirement aims to align the fund operator’s interests with members and ensure it can meet its operating costs and that money is available to transition the scheme if it fails. The requirement is not designed to prevent business failure or fully compensate investors who suffer loss from significant events. The Treasury is separately reviewing options for enhancing oversight and governance of managed investment schemes.

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