INFO 251
AFS licensing requirement for trustees of unregistered managed investment schemes
This is Information Sheet 251 (INFO 251). It is for trustees of unregistered managed investment schemes (unregistered schemes) that issue, vary or dispose of interests in unregistered schemes that are financial products.
In plain English
INFO 251 explains when trustees of unregistered managed investment schemes need an Australian Financial Services (AFS) licence.
INFO 251 applies to trustees of unregistered managed investment schemes. These schemes issue financial products. Trustees must apply for an AFS licence if they issue, vary, or dispose of interests in these schemes. This information sheet is for finance professionals. It clarifies licensing requirements for trustees.
Why it matters
If your scheme isn't registered, and you're issuing financial products, check if you need an AFS licence. Failure to do so could mean you're operating without the correct authorisation.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Issuing regulator
ASIC →Topics
Source: https://www.asic.gov.au/for-finance-professionals/afs-licensees/applying-for-and-managing-an-afs-licence/licensing-certain-service-providers/afs-licensing-requirement-for-trustees-of-unregistered-managed-investment-schemes/. Rules Mate indexes + summarises; always verify against the regulator's live publication.