ASIC has today remade six class orders on application form requirements that are due to expire ('sunset') in 2017.
A new instrument, ASIC Corporations (Application Form Requirements) Instrument 2017/241, consolidates and replaces the following class orders and instruments:
- [CO 02/260] Product Disclosure Statements: Application forms created by a licensee;
- [CO 14/26] Personalised or Australian financial services licensee created application forms;
- [CO 02/262] Applications to switch managed investment products;
- [CO 07/10] Technical disclosure relief for reconstructions and capital reductions (paragraphs 4 and 8);
- [CO 02/437] Eligible applications: Relief from s1016A for managed investment products; and
- ASIC Corporations (Options: Bonus Issues) Instrument 2016/77
Class Order [CO 07/10] Technical disclosure relief for reconstructions and capital reductions (paragraph 9) has been remade into ASIC Corporations (Capital Reductions and Reconstructions – Technical Disclosure Relief) Instrument 2017/242.
The class orders were remade following public consultation via Consultation Paper 274 - Remaking ASIC class orders on application form requirements(CP 274), issued in November 2016.
CP 274 sought feedback on ASIC's proposals to continue the relief in [CO 02/260], [CO 02/262], [CO 02/437] and [CO 07/10] without substantive changes, and to consolidate the relief in the above instruments as well as [CO 14/26] and ASIC Corporations (Options: Bonus Issues) Instrument 2016/77 into one instrument. We received two informal submissions to CP 274 in support of the proposals to continue the relief and consolidate it into one instrument.
Download
- ASIC Corporations (Application Form Requirements) Instrument 2017/241
- ASIC Corporations (Capital Reductions and Reconstructions – Technical Disclosure Relief) Instrument 2017/242
- ASIC Corporations (Repeal) Instrument 2017/240
- CP 274
Background
Under the Legislation Act 2003, legislative instruments such as class orders sunset after 10 years unless action is taken to exempt or 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.