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16-274MR ASIC remakes ‘sunsetting’ class orders on dollar disclosure
ASIC has made a new legislative instrument to replace three class orders on dollar disclosure that were due to expire (‘sunset’) on 1 October 2016 and 1 April 2017 respectively
The new legislative instrument is ASIC Corporations (Disclosure in Dollars) Instrument 2016/767. The instrument has the same effect as relief that ASIC had granted by Class Orders [CO 04/1431], [CO 04/1433] and [CO 04/1435]. It provides exemptions from the requirements to display in dollar amounts various costs, fees, charges, expenses, benefits and interests in Statements of Advice, Product Disclosure Statements and periodic statements, subject to the conditions in the instrument.
ASIC consulted on its proposal to make the new legislative instrument through Consultation Paper 253 Remaking and repealing ASIC class order on dollar disclosure (CP 253), released on 29 February 2016.
CP 253 sought feedback on ASIC's proposals to continue the relief in [CO 04/1431], [CO 04/1433] and [CO 04/1435] without substantive changes and to repeal [CO 04/1430] and [CO 04/1432]. Comments closed on 30 March 2016 (refer: 16-048MR).
We received two submissions to CP 253.
- ASIC Corporations (Disclosure in Dollars) Instrument 2016/767
- ASIC Corporations (Repeal) Instrument 2016/768
- CP 253
- Non-confidential submissions to CP 253
Under the Legislation Act 2003, all class orders are repealed automatically or 'sunset' after a period of time (mostly 10 years) unless we take action to preserve them.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.
ASIC has updated Regulatory Guide 182 Dollar Disclosure to reflect the making of ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 and the repeal of Class Orders [CO 04/1430] and [CO 04/1432]. This was issued on 5 December 2017. Download Regulatory Guide 182.