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Wednesday 5 July 2017

17-224MR ASIC remakes ‘sunsetting’ class orders relating to registered schemes

ASIC has remade four class orders relating to registered managed investment schemes, which were due to expire ('sunset') in 2017 and 2018.

A new instrument, ASIC Corporations (Chapter 5C – Miscellaneous Provisions) Instrument 2017/125, replaces the following class orders:

  • Class Order [CO 98/50] Incorporating parts of other compliance plans, which was due to sunset on 1 April 2018;
  • Class Order [CO 98/1806] Related bodies corporate and external members of compliance committee, which was due to sunset on 1 October 2017; and
  • Class Order [CO 98/1808] Allowing constitutions to use Appendix 15A of the ASX Listing Rules, which was due to sunset on 1 October 2017.

Class Order [CO 98/60] Protecting class rights in a managed investment scheme, which was due to expire on 1 April 2018, has been remade as an amendment to existing Class Order [CO 09/552] Changing scheme constitutions: see ASIC Corporations (Amendment and Repeal) Instrument 2017/545.

The class orders were remade following public consultation under Consultation Paper 270 Remaking ASIC class orders on registered schemes (CP 270).

CP 270 sought feedback on ASIC's proposal to continue the relief in [CO 98/50], [CO 98/60], [CO 98/1806] and [CO 98/1808] without substantive changes, and to consolidate the remade relief into one instrument. CP 270 also sought feedback on ASIC's proposal to extend the relief given by [CO 98/1808] so that it:

  • applies in relation to the listing rules of the Sydney Stock Exchange; and
  • is drafted in a way that will allow it to be more easily applied in relation to the listing rules of other financial markets, where considered appropriate.

We did not receive any submissions in response to the proposals outlined in CP 270.

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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.

Read more about sunsetting class orders.

Last updated: 30/03/2021 09:31