ASIC remakes and repeals ‘sunsetting’ class orders on markets and securities

ASIC has remade ten legislative instruments and repealed three that are due to expire (‘sunset’) in 2016 and 2017, following public consultation.

ASIC has remade these instruments before they sunset. The new instruments will continue the substantive effects of the previous instruments with some minor amendments, which include simplifying the drafting to give greater clarity.

The following instruments have been remade:

However, ASIC has varied the application of the Corporations (Low Volume Financial Markets) Exemption Notice 2003 by increasing the transaction threshold of low volume financial markets and amending the transaction period to which the transaction threshold applies.

ASIC has also amended the application of [CO 01/1519] such that it no longer imposes certain conditions on the relief.

ASIC has repealed the following class orders, having formed the view that this relief is no longer required:

  • Class Order [CO 02/284] CHESS-approved foreign securities
  • Class Order [CO 00/2449] ASX Online—relief from paper lodgement, and
  • Class Order [CO 02/1296] ASX managed investment warrants—FSR Act transition.

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