ASIC has released a new legislative instrument ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147. It replaces [CO 13/721] ASIC Corporations (Relief to facilitate quotation of exchange traded funds on the AQUA Market) 13/721 ([CO 13/721]) which was due to sunset on 1 April 2024.

The new legislative instrument extends the relief in [CO 13/721] to a broader class of quoted funds, not limited to those which track an index.

ASIC made the new legislative instrument after considering the submissions received, in response to Consultation Paper 374 Remaking ASIC class order on exchange traded funds: [CO 13/721] (CP 374). Respondents to CP 374 generally supported ASIC’s proposals.

View the non-confidential submissions received in response to CP 374.

Background

Under the Legislation Act 2003, all class orders are repealed automatically or ‘sunset’ after a period unless ASIC takes action to preserve them.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

ASIC is Australia’s corporate, markets and financial services regulator.