Released 9 July 2021. Comments close 20 August 2021.
This consultation paper sets out ASIC’s proposals to:
- provide guidance on how key definitions in the Corporations Act 2001 apply to litigation funding schemes
- grant legislative relief from the equal treatment duty of responsible entities of registered litigation funding schemes to enable the distribution of a resolution sum to members
- extend relief granted for litigation funding schemes under ASIC Corporations (Disclosure in Dollars) Instrument 2016/767 to 22 August 2025, and
- not remake relief granted under ASIC Credit (Litigation Funding-Exclusion) Instrument 2020/37 and ASIC Corporations (Conditional Costs Schemes) Instrument 2020/38 when these instruments expire on 31 January 2023.