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19-252MR ASIC remakes 'sunsetting' class order about changing scheme constitutions
ASIC has remade existing relief on changing scheme constitutions.
The existing relief under Class Order [CO 09/552] Changing scheme constitutions was to end on 1 October 2019.
The new instrument, ASIC Corporations (Changing Scheme Constitutions) Instrument 2019/700, continues to provide relief in certain situations to vary how the constitution of a registered scheme may be modified, or repealed and replaced with a new constitution. ASIC also issued ASIC Corporations (Repeal) Instrument 2019/885, which repeals [CO 09/552].
The new instrument will continue the effect of the previous instrument with some minor amendments, which include simplifying the drafting to give greater clarity.
The relief was remade following ASIC’s public consultation in Consultation Paper 320 Remaking ASIC class order on changing scheme constitutions: [CO 09/552] (CP 320). ASIC did not receive any submissions in response to CP 320.
- ASIC Corporations (Changing Scheme Constitutions) Instrument 2019/700
- ASIC Corporations (Repeal) Instrument 2019/885
- CP 320
Under the Legislation Act 2003, all legislative instruments are repealed automatically or 'sunset' after a period (mostly 10 years) unless ASIC takes action to preserve them. This ensures that legislative instruments are kept up to date and only remain in force while they are fit for purpose and relevant. All government organisations are responsible for considering whether the legislative instruments they have made, which are due to sunset, will be relevant after their sunset date.