ASIC has extended Class Order [CO 04/526] Foreign collective investment schemes ([CO 04/526]) for two years. This class order was due to expire (sunset) on 1 April 2017.
[CO 04/526] provides relief for collective investment schemes from the requirement to register as a managed investment scheme or obtain an Australian financial services licence where the relevant overseas regulatory regime delivers regulatory outcomes sufficiently equivalent to our own regulatory regime.
ASIC Corporations (Repeal and Transitional) Instrument 2017/271 extends the relief in [CO 04/526] in the same form for two years.
ASIC has extended this relief for two years so that we can review and consult on the policy settings of our relief in light of other regulatory developments, such as the Government’s announcement of the introduction of new collective investment vehicles, and implementation of the Asia Region Funds Passport regime.
ASIC will consult publicly on its relief for foreign collective investment schemes before 1 April 2019.
Sunsetting class orders
Under the Legislation Act 2003, all class orders are repealed automatically or ‘sunset’ after a period of time (mostly 10 years) unless we take action to preserve them.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.
All government organisations are responsible for considering whether the legislative instruments they have made that are due to sunset will be relevant after their sunset date.
© Australian Securities & Investments Commission. Reproduced with permission.