ASIC has repealed ASIC Class Order [CO 02/226] that is due to expire ('sunset') on 1 April 2017.
Class Order [CO 02/226] Managed investment schemes: no issue required disclosure was repealed as we consider it is no longer required and does not form a necessary and useful part of the legislative framework.
The repeal of the class order follows ASIC consultation in May 2016 (refer: Consultation Paper 259 Repealing ASIC class order on managed investment schemes: no issue required disclosure [CO 02/226]). No submissions were received.
Background
Under the Legislation Act 2003, legislative instruments such as class orders sunset after 10 years unless action is taken 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.