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Screenshot of a breaking news alert e-mail from Q2 2017
Following public consultation, ASIC has released a new legislative instrument regarding differential fees, replacing the class order due to expire (‘sunset’) on 1 April 2017.
ASIC has replaced Class Order [CO 03/217] with the new legislative instrument ASIC Corporations (Registered Schemes – Differential Fees) Instrument 2017/40 that:
- expands the relief where a member acquires an investment under a switching facility that involved a withdrawal from a managed investment scheme operated by the responsible entity to also cover a switching facility that involves a withdrawal from a managed investment scheme operated by a related body corporate of the responsible entity; and
- removes unnecessary relief where a member carries out transactions in relation to the scheme by electronic means.
Class Order [CO 03/217] has been repealed by ASIC Corporations (Amendment and Repeal) Instrument 2017/41.
The new instrument follows a public consultation released on 30 May 2016. In Consultation Paper 258 Remaking ASIC class order on differential fees: ASIC sought feedback on its proposals to remake, without significant changes, Class Order [CO 03/217]. ASIC received one non-confidential and one confidential submission.