The Australian Securities and Investments Commission (ASIC) has issued a complaint to Keystone Asset Management Limited (Keystone Asset Management Ltd..) The product disclosure statement (PDS) of the four fund unit categories of the promoted registered management fund Shield Master Fund issued a temporary stop order。

The Provisional Order prohibits Keystone from offering, issuing, selling or transferring interests in Balanced, Growth, High Growth and Conservative Units of the Fund。The purpose of ASIC's interim order is to protect retail investors from purchasing products under PDSs that may be flawed and unclear, concise, and ineffective in wording and presentation.。

ASIC is concerned that the fund's PDS could:

• contains misleading statements about Keystone's legal role in the unregistered plans in which the Fund invests;
• Failure to fully disclose the nature, quantity and associated risks of the Fund's investments in unregistered funds related to Keystone;
• contains misleading statements about the extent to which the Fund's assets are diversified;
• Failure to fully disclose performance fees that may be applicable;
• the use of inappropriate asset classifications to describe investments in the underlying funds and investments within those funds;
• Gives the impression that investors can withdraw money from the fund on a weekly basis, while redemptions are at Keystone's discretion and may have a two-year redemption lock-in period;
• Failure to adequately disclose conflicts of interest relating to investments in Keystone-related funds or how Keystone manages those conflicts;
• not disclose any change in the directors of Keystone or any information about the new directors, their skills, experience and roles;
• Failure to disclose in a clear, concise and effective manner the Fund's investment approach to ethical considerations。

If these issues are not addressed in a timely manner, a final order will be considered, ASIC said.。Keystone will have the opportunity to submit materials before making a decision on any final stop order。