media release (15-367MR)

ASIC consults on remaking of ‘sunsetting’ class orders for dealing in underlying investments

Published

Today, ASIC released a consultation paper proposing to remake three class orders which cover relief for dealing in underlying investments that are due to expire (‘sunset’) in April 2017.

ASIC is proposing to remake the following class orders:

  • Class Order [CO 02/1161] Licensing relief (dealing) for public offer superannuation entities, which is due to sunset on 1 April 2017
  • Class Order [CO 02/1073] Financial Services Guide: Dealing in underlying investments by responsible entities, which is due to sunset on 1 April 2017, and
  • Class Order [CO 02/1074] Financial Services Guide: Dealing in underlying investments by superannuation trustees, which is due to sunset on 1 April 2017.

ASIC has reviewed these class orders and considers that they are operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework. The fundamental policy principles that underpin the three class orders have not changed.

ASIC proposes to remake these class orders without significant changes before they sunset, so that their ongoing effect will be preserved without any disruption to the entities who rely on them.

Consultation Paper 244 Remaking ASIC class orders on dealing in underlying investments (CP 244) proposes remaking all three class orders into a single instrument so that the substantive effect of the relief in each class order is continued beyond the expiration date in a new legislative instrument. Our preliminary position is that minor and technical changes be made to the terms of the relief.

A draft of the proposed new legislative instrument is attached to the consultation paper.

Submissions to CP 244 are due by 15 February 2016.

Media enquiries: Contact ASIC Media Unit