ASIC has today released a consultation paper proposing to remake its class orders on dual lodgement and electronic lodgement of directors’ reports, financial reports and auditor’s reports (reports). The class orders are due to expire (‘sunset’) in 2016 and 2017.

Read more about sunsetting class orders

The class orders proposed to be remade are:

• Class Order [CO 00/2451] Electronic lodgement of certain reports with the ASX: approval
• Class Order [CO 06/6] Dual lodgement relief for NSX-listed disclosing entities
• Class Order [CO 98/104] Dual lodgement relief for ASX-listed entities.

ASIC proposes to remake these class orders as in our view they are operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework. No significant changes are proposed.

It is proposed to remake the class orders as a single instrument. Disclosing entities listed on NSX will be able to satisfy their obligation to lodge their reports with ASIC if they are lodged electronically with NSX. In addition, it is proposed to extend the relief to entities listed on Asia Pacific Stock Exchange Limited.

Each class order has been redrafted using ASIC’s current style and format, while preserving the current effect of the instrument. The draft ASIC instruments, which reflect the minor amendments proposed in the consultation paper, are available on our website at www.asic.gov.au/cp under CP 243.

Submissions on CP 243 are due on 18 December 2015.

Download CP 243 and draft instruments.

Background

Under the Legislative Instruments Act 2003, all class orders are repealed automatically or ‘sunset’ after a specified period of time (mostly 10 years) unless we take action to exempt or preserve them.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.

Where an instrument is considered to be operating effectively and efficiently and still serves a regulatory purpose we will consult on remaking it even if there will be no significant changes.