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18-063MR ASIC remakes 'sunsetting' class order about share and interest sale facilities
ASIC has remade Class Order [CO 08/10] Share and interest sale facilities, which was due to expire on 1 April 2018.
The new instrument, ASIC Corporations (Share and Interest Sale Facilities) Instrument 2018/99, continues to provide issuers of shares and interests who operate certain share and interest sale facilities and related purchase facilities relief from the managed investment, licensing, disclosure and unsolicited offers provisions of the Corporations Act.
ASIC has extended the relief to include a related body corporate of the product issuer that operates a share or purchase facility.
The new instrument will continue the effect of the previous instrument with some minor amendments, which include simplifying the drafting to give greater clarity and streamline the conditions.
The relief was remade following public consultation in Consultation Paper 252 Remaking ASIC class order on share and interest sale facilities: [CO 08/10] (CP 252).
ASIC did not receive any submissions in response to CP 252.
Under the Legislation Act 2003, all class orders are repealed automatically or 'sunset' after a period of time (mostly 10 years) unless we take action to preserve them.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.