ASIC remakes two sunsetting class orders
Following public consultation, the Australian Securities and Investment Commission (ASIC) is remaking two class orders on internet offers, hawking, and product disclosure statement (PDS), ahead of their sunsetting in April.
The following instruments had been remade:
- [CO 02/246] Offers of securities on the internet had been remade into ASIC Corporations (offers over the internet) Instrument 2017/181; and
- [CO 02/641] Hawking: Securities and managed investments had been remade into ASIC Corporations (Securities and Managed Investment Scheme Hawking Relief) Instrument 2017/184.
ASIC said that ASIC Corporations (Offers over the internet) Instrument 2017/181, and ASIC Corporations (Securities and Managed Investment Scheme Hawking Relief) Instrument 2017/184 had been remade based of public consultation and would continue the effect of the previous instruments with only minor adjustments.
ASIC said both class orders operated effectively and efficiently, and continued as necessary parts of the legislative framework with the finance sector.
ASIC had also repealed [CO 02/286] Obligation to provide a PDS: s1012B(4) as its sunset period approached, which had affected other ASIC instruments giving PDS relief issued before March 2002. ASIC made the repeal on the basis of relevance after it was deemed there were no continuing instruments to which it could be applied.
Under the Legislation Act 2003, all class orders repeal or sunset after a pre-determined period of time subject to the discretion of government organisations to consider their ongoing relevance.
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