ASIC has remade Class Order [CO 03/748] Reporting requirements under s 989B (Class Order) in ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307. [CO 03/748] was due to expire ('sunset') on 1 October 2017.
The new instrument continues relief for Australian financial services licensees who are natural persons from the requirement to include, in a profit and loss statement, any revenues and expenses that do not relate to the financial services business carried on by the licensee.
The relief contained in [CO 03/748] was remade without substantive changes following public consultation via Consultation Paper 278 Remaking ASIC class order on reporting requirements for AFS licensees who are natural persons (CP 278), issued in February 2017. ASIC did not receive any submissions in response to CP 278.
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.