CP 367 Remaking ASIC class orders on financial requirements: [CO 13/760], [CO 13/761] and ASIC Instrument 2022/449
Released 3 March 2023. Comments close 31 March 2023.
This consultation paper sets out ASIC’s proposals to remake our class orders on financial resource requirements for some categories of Australian financial services licensees. Under the Legislation Act 2003, these class orders will expire (‘sunset’) if not remade.
We are seeking feedback on our proposals to remake, without significant changes, the following class orders:
- Class Order [CO 13/760] Financial requirements for responsible entities and operators of investor directed portfolio services, which is due to expire on 1 October 2023;
- Class Order [CO 13/761] Financial requirements for custodial or depository service providers, which is due to expire on 1 October 2023; and
- ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449, which is due to expire on 1 October 2024.
We propose to issue a combined legislative instrument that will prescribe the financial resource requirements for responsible entities, IDPS operators and corporate directors of retail CCIVs. We will retain a separate legislative instrument that will prescribe the financial resource requirements for custodians.
CP 367 (PDF 458 KB)
Attachment 1 to CP 367: Draft ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/XX (PDF 420 KB)
Attachment 2 to CP 367: Draft ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/XX (PDF 331 KB)