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ASIC to remake class orders for compliance plans

Chris Hamblin, Editor, London, 18 October 2016

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The Australian Securities and Investments Commission is proposing to remake four of its class orders relating to registered schemes that would otherwise expire.

Expiry, also known as 'sunsetting,' is called for by the Legislation Act 2003. The regulator is seeking feedback on its proposals to remake, without significant changes, the following class orders:
Class Order [CO 98/50] Incorporating parts of other compliance plans, which is due to expire on 1 April 2018;
Class Order [CO 98/60] Protecting class rights in a managed investment scheme, which is due to expire on 1 April 2018;
Class Order [CO 98/1806] Related bodies corporate and external members of compliance committee, which is due to expire on 1 October 2017; and
Class Order [CO 98/1808] Allowing constitutions to use Appendix 15A of the ASX Listing Rules, which is due to expire on 1 October 2017.

Class orders are statutory instruments that ASIC is empowered to make, as though it were a government minister. If issued after 2015, they are known as 'ASIC instruments.' If no Act says otherwise, they expire on either 1 April or 1 October – whichever date occurs first on or after their tenth anniversaries. Certain legislative instruments such as these are exempt from 'sunsetting' rules – for example, ASIC's market integrity rules are exempt under s798G Corporations Act 2001.

Comments must come in by 25 November.

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