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17-054MR ASIC remakes 'sunsetting' class orders about internet offers, hawking and PDS obligations
ASIC has remade two legislative instruments, and repealed one, that were due to expire ('sunset') in April 2017.
The following instruments have been remade:
- [CO 02/246] Offers of securities on the internet has been remade into ASIC Corporations (Offers over the internet) Instrument 2017/181; and
- [CO 02/641] Hawking: Securities and managed investments has been remade into ASIC Corporations (Securities and Managed Investment Scheme Hawking Relief) Instrument 2017/184.
ASIC Corporations (Offers over the internet) Instrument 2017/181 gives relief for foreign offerors that make offers of financial products over the internet to persons outside Australia in such a way that the offer is available to, or received by, people in Australia.
ASIC Corporations (Securities and Managed Investment Scheme Hawking Relief) Instrument 2017/184 gives technical relief so that securities and interests in managed investment schemes are not subject to two differing hawking prohibitions.
ASIC has remade these instruments following public consultation. The new instruments will continue the effect of the previous instruments with some minor amendments, which include simplifying the drafting to give greater clarity and streamline the conditions.
ASIC found these class orders are operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework.
ASIC has also repealed [CO 02/286] Obligation to provide a PDS: s1012B(4), which affected other ASIC instruments giving PDS relief issued before March 2002. We have repealed [CO 02/286] as there are no continuing instruments to which [CO 02/286] applies.
Sunsetting class orders
Under the Legislation Act 2003, all class orders are repealed automatically or 'sunset' after a period of time (mostly 10 years) unless we take action to preserve them.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.
All government organisations are responsible for considering whether the legislative instruments they have made that are due to sunset will be relevant after their sunset date.
ASIC issued Consultation Paper 271 Remaking and repealing ASIC class orders on internet offers, hawking and PDS obligations (CP 271) in November 2016. CP 271 sought feedback on ASIC's proposal to continue the relief in [CO 02/246] and [CO 02/641] and repeal [CO 02/286].
ASIC did not receive any submissions in response to CP 271.