ASIC has refined the definition of a hedge fund to ensure its disclosure requirements are appropriately targeting at those funds that pose more complex risks to investors. Following extensive consultation with industry, ASIC has made changes to the characteristics that prompt a registered managed investment scheme to be classified as a hedge fund. The changes are intended to relieve some lower-risk funds from the more extensive disclosure obligations imposed on a hedge fund under Regulatory Guide 240 (RG 240).

ASIC's disclosure requirements for hedge funds commence from 1 February 2014.