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17-232MR ASIC remakes ‘sunsetting’ class order on credit union member shares
ASIC has remade Class Order [CO 02/1176] Credit union member shares in ASIC Corporations (Credit Union Member Shares) Instrument 2017/616. [CO 02/1176] was due to expire (‘sunset’) on 1 April 2018.
The new instrument continues relief from:
- Financial services licensing and disclosure requirements for the provision of financial product advice in relation to the issue of ‘member shares’
- The requirement to give information to members confirming the issue or redemption of these kinds of shares
The relief was remade following public consultation via Consultation Paper 283 Remaking ASIC class order on credit union member shares: [CO 02/1176] (CP 283), issued in May 2017.
ASIC received one submission in response to its consultation on remaking this relief. It did not object to our proposals to remake the instrument, and therefore we remade the instrument substantially in the form consulted on.
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.