On 1 June 2016, ASIC made a new legislative instrument to replace its class order on financial product advice – exempt documents that was due to expire ('sunset') on 1 April 2017. ASIC has remade the class order following public consultation.
The new legislative instrument is ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356. The instrument has the same effect as relief that ASIC had granted by Class Order [CO 03/606].
Consultation process
On 16 February 2016, ASIC issued Consultation Paper 251 Remaking ASIC class order on financial product advice: Exempt documents – [CO 03/606] (CP 251). CP 251 sought feedback on ASIC's proposals to continue the relief in [CO 03/606] without substantive changes. Comments closed on 18 March 2016 (refer: 16-033MR ). We received two submissions to CP 251 (see below) in support of the proposals to continue providing the relief.
Download
- ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356
- ASIC Corporations (Repeal) Instrument 2016/452
- CP 251
- Non-confidential submissions to CP 251
Background
Under the Legislation Act 2003, all class orders are repealed automatically or 'sunset' after a period of time (mostly 10 years) unless we take action to preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
Read more about sunsetting class orders