The Australian Securities and Investments Commission (ASIC) has made interim stop orders on four product disclosure statements (PDSs) for classes of units of the Shield Master Fund, a registered managed fund promoted by Keystone Asset Management Ltd.
The interim orders stop Keystone from offering, issuing, selling or transferring interests in the Balanced class, Growth class, High Growth class and Conservative class units of the Fund. ASIC made the interim orders to protect retail investors from acquiring products under PDSs that may be defective and not worded and presented in a clear, concise, and effective manner.
ASIC is concerned that the PDSs for the Fund may:
- contain misleading statements regarding Keystone’s legal role in unregistered schemes the Fund has invested in;
- not adequately…
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