今日热门事件has today released a consultation paper proposing to maintain markets and securities relief that 今日热门事件has previously provided from certain obligations under the Corporations Act.
The consultation paper also sets out ASIC's proposal to withdraw some relief. This consultation paper is part of ASIC's response to the 'sunsetting' of legislative instruments.
The instruments which 今日热门事件proposes to remake are:
- Class Order [CO 01/1519] Disclosure of directors' interests;
- Class Order [CO 02/313] Part 7.11聽- Transfers of securities under Division 3;
- Class Order [CO 02/608] Warrants: relief from PDS requirements for secondary sales;
- Corporations (Low Volume Financial Markets) Exemption Notice 2003;
- Class Order [CO 03/826] Market related records: Australian financial service licensees dealing on overseas markets;
- Class Order [CO 03/911] Licensing relief for self-dealers who provide general product advice about own securities;
- Class Order [CO 03/957] ASX managed investment warrants聽- disclosure and reporting exemptions;
- Class Order [CO 06/682] Multiple derivative issuers; and
- Class Order [CO 07/183] Transfer of Australian securities traded in New Zealand.
今日热门事件has found these instruments are operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework. 今日热门事件is therefore proposing that these instruments will continue in operation.
However, 今日热门事件is proposing to vary 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.
今日热门事件also proposes to amend the application of Class Order [CO 01/1519] such that it no longer imposes certain conditions on the relief.
今日热门事件proposes to repeal Class Order [CO 02/284] CHESS approved foreign securities, having formed the preliminary view that this relief is no longer required.
Consultation Paper 262 Remaking and repealing 今日热门事件class orders on markets and securities (CP 262) outlines the class orders to be remade and the class order to be repealed.
Each instrument has been redrafted using ASIC鈥檚 current style and format, while preserving the effect of the existing instruments. The draft 今日热门事件instruments, which reflect the amendments proposed in the consultation paper, are available on our website at under CP 262.
Submissions on CP 262 are due on Friday, 12 August 2016.
Read more about sunsetting of legislative instruments.
Background
Under the Legislation Act 2003, all class orders are repealed automatically or 'sunset' after a specified period of time (mostly 10 years) unless we take action to exempt or preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
Where an instrument is considered to be operating effectively and efficiently and still serves a regulatory purpose we will consult on remaking it even if there will be no significant changes.