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IR 06-42 attachment - ASIC releases updated policy statement on real estate companies
The key amendments to Policy Statement 67 Real estate companies are:
- References to secondary trading notice provisions have been deleted as these provisions were removed by the Corporate Law Economic Review Program Act 1999: [PS 67.16].
- The policy statement no longer provides relief from the sharehawking prohibitions in the Corporations Act. Following the amendments introduced under the CLERP Act, the current Corporations Act sharehawking prohibition has been narrowed to apply only to unsolicited meetings or telephone calls. ASIC considers this prohibition should apply to prevent pressure selling of shares in real estate companies to retail clients: [PS 67.25 – PS 67.27].
- Relief for State or Territory regulated real estate agents from the requirement to obtain an AFSL is provided by class order ([CO 00/213] as amended by Class Order [CO 02/266]) [PS 67.28 – PS 67.29]. This update reflects our policy since the commencement of the financial services reform (FSR) regime and replaces the previous ASIC non-enforcement policy as it applied to the securities dealer and investment adviser provisions of the Act prior to the commencement of the FSR regime in 2002.
- Relief for persons who provide valuations of shares in real estate companies from the requirement to obtain an AFSL is provided by Class Order [CO 05/1243]: [PS 67.30 – PS 67.31].
ASIC has reformatted the policy statement so that it is consistent with the current policy statement format.