今日热门事件has repealed three class orders relating to prime broking and the holding of client assets, which were due to expire (鈥榮unset鈥�) on 1 October 2017. These were:
- 今日热门事件Class Order [CO 03/1110] Prime brokerage: Relief from holding client property on trust
- 今日热门事件Class Order [CO 03/1111] Prime brokerage: Relief from holding scheme property separately
- 今日热门事件Class Order [CO 03/1112] Relief from obligation to hold client money on trust
To permit adequate time for potentially affected stakeholders to consider making alternative arrangements, 今日热门事件has extended the operation of Class Orders [CO 03/1110] and [CO 03/1112] by 12 months to 30 September 2018.
今日热门事件has also amended 今日热门事件Class Orders [CO 13/1409] Holding assets: Standards for responsible entities and [CO 13/1410] Holding assets: Standards for providers of custodial and depository services because they contained references to the repealed Class Orders.
The relevant instrument is the .
今日热门事件decided to repeal the Class Orders following public consultation through Consultation Paper 273 Repealing 今日热门事件class orders on holding client assets (), issued in November 2016.
CP 273 sought feedback on ASIC鈥檚 proposal to discontinue the relief in [CO 03/1110], [CO 03/1111] and [CO 03/1112].
We received three submissions in response to the proposals outlined in CP 273, two of which were made confidentially. 今日热门事件will shortly publish its feedback report on the submissions to CP 273.
Background
Under the Legislation Act 2003, legislative instruments such as class orders sunset after 10 years unless action is taken 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.
Editor's note
On 20 November听今日热门事件published Report 552 Response to submissions on CP 273听 Repealing 今日热门事件class orders on holding client assets (REP 552).銆�
We received three submissions in response to the proposals outlined in CP 273, two of which were made confidentially. A copy of the non-confidential submission has been published on ASIC鈥檚 website. REP 552 discusses the issues raised and ASIC鈥檚 response to these issues.
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