ASIC has released a consultation paper proposing to remake its class orders on non-monetary consideration managed investment schemes, which is currently due to expire (‘sunset’) on April 1, 2017.
ASIC proposes to remake the class orders as, in its view, the class orders are operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework. The fundamental policy principles that underpin the class orders have not changed.
It is proposed that the following class orders will be combined into a single new legislative instrument:
- Interests in film and theatrical ventures, which is due to sunset on 1 April 2017
- Managed investment schemes – interest not for money, which is due to sunset on 1 April 2017, and
- Film investment schemes, which is due to sunset on 1 April 2017.
All three class orders have been combined into a single instrument so that the substantive effect of the relief in each class order is continued beyond the expiration date in a new legislative instrument.
The new instrument will continue the relief currently given by the class orders without significant changes, so that the ongoing effect will be preserved without any disruption to the entities that rely on it.
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