ASIC has released a consultation paper proposing to remake four class orders that are due to expire (‘sunset’) in 2017 and to incorporate two related class orders into one new instrument.
The class orders proposed to be remade are:
- Class Order [CO 02/260] Product Disclosure Statements: Application forms created by licensee;
- Class Order [CO 02/262] Applications to switch managed investments products;
- Class Order [CO 07/10] Technical disclosure relief for reconstructions and capital reductions (paragraphs 4 and 8); and
- Class Order [CO 02/437] Eligible applications: Relief from s1016A for managed investment products.
ASIC proposed to remake these class orders because they are operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework. No substantive changes are proposed.
Consultation Paper 274 Remaking ASIC class orders on application form requirements outlines the class orders proposed to be remade and consolidated into one new instrument and our rationale for remaking and consolidating them.
Each proposed class order has been redrafted using ASIC’s current style and format into a single instrument, while preserving the current effect of the instruments. The draft ASIC instruments, which reflect the amendments proposed in the consultation 274.