media release (23-082MR)

ASIC consults on remaking ‘sunsetting’ class orders on IDPS and IDPS-like schemes


ASIC is seeking feedback from operators of investor directed portfolio services (IDPS) and responsible entities of IDPS-like schemes on proposals to remake ‘sunsetting’ class orders.  

Consultation Paper 369 (CP 369) Remaking ASIC class orders on platforms: [CO 13/762] and [CO 13/763] sets out ASIC’s proposals on:

  • Class Order [CO 13/762] Investor directed portfolio services provided through a registered managed investment scheme; and
  • Class Order [CO 13/763] Investor directed portfolio services.

These class orders afford relief to IDPSs and IDPS-like schemes, to tailor the requirements of the Corporations Act 2001 to the nature of the schemes. The schemes involve investor-driven investment and a segregated portfolio of each client’s assets.  The class orders will expire (‘sunset’) on 1 October 2023 if not remade.

ASIC considers the class orders are operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework. The fundamental policy principles that underpin the class orders have not changed.

ASIC invites submissions from stakeholders on our proposals to remake the class orders in substantially the same form for 5 years.

Submissions on CP 369 are due on 28 April 2023.


Under the Legislation Act 2003, all class orders are repealed automatically or ‘sunset’ after a period (usually 10 years) unless ASIC takes action to preserve them.

IDPSs are managed investment schemes that provide custodial, transactional and reporting services where the investor itself makes all of the investment decisions. [CO 13/763] establishes the regulatory framework for IDPSs and exempts IDPSs from the requirement to be a registered managed investment scheme, amongst other requirements.

IDPS-like schemes operate similarly to IDPSs in that investment decisions are generally made in accordance with investor instructions but are structured as registered schemes. [CO 13/762] modifies provisions of the Corporations Act 2001 and provides responsible entities relief from some of the managed investment scheme, fundraising, financial product disclosure and other investor rights provisions.

Media enquiries: Contact ASIC Media Unit