Jack Investing Ltd (Jack) is an Australian Financial Services Licensee which is intending to operate a managed investment scheme. The scheme will invest in direct property, specifically commercial property, and will be available to both retail and wholesale clients. The fund therefore will be considered illiquid.

The board of Jack consists of 4 directors, 3 of whom are non-executive, and they meet the criteria of being considered independent.

The board would like you to advise them on the following matters:

1. Whether the scheme is required to be registered or not? If yes, what does the registration process entail?

2. What would Jacks role, duties and responsibilities be in relation to the scheme?

3. Would they be required to establish a Compliance Committee? If not, why not?

4. If they had to establish a committee, what are the responsibilities of the committee in relation to reporting?

5. Advise the board of any specific requirements in relation to disclosure when a fund is illiquid.

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