ASIC has remade ASIC Class Order [CO 12/1482] When debentures can be called secured notes, which was due to sunset on 1 April 2022.
The new instrument, ASIC Corporations (Describing Debentures—Secured Notes) Instrument 2022/61, continues to allow debenture issuers to describe their debentures as ‘secured notes’ in circumstances where security has been provided over intangible property, subject to various conditions outlined in detail in the instrument. The instrument will remain in place until 29 March 2025.
This relief was made following public consultation through Consultation Paper 344 Remaking ASIC class order on when debentures can be called secured notes: [CO 12/1482], which was issued in July 2021. ASIC received one submission in response to CP 344 which was supportive of the proposed recommendation to remake [CO 12/1482] without substantial change.