The new legislation, announced by the government in May and taking effect on 1 July, has been designed to improve consumer protection and clarify the regulatory framework regarding these types of investments for stockbrokers, financial advisers and fund managers. According to LICAT, the legal amendment was made to align the treatment of listed investment entities with unlisted investment funds and exchange-traded funds, but had created “differential treatment” between LICs and LITs and all other Australian Securities Exchange-listed companies.