ASIC has remade Class Order [CO 04/899] Definition of ‘senior manager’—modification which was due to expire (‘sunset’) on 1 October 2017.
The new instrument, ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737, continues to provide disclosure relief for an offer of securities to a director or secretary.
The relief was remade following public consultation via Consultation Paper 285 Remaking ASIC class order on disclosure relief for an offer to a director or secretary: [CO 04/899] (CP 285) issued in June 2017.
CP 285 sought feedback on ASIC’s proposal to continue the relief in [CO 04/899] without substantive changes.
We received two submissions in response to our consultation, which did not object to our proposals to remake the relief.
- ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737
- Consultation Paper 285
Under the Legislation Act 2003, all class orders are repealed automatically or ‘sunset’ after a period of time (mostly 10 years) unless we take action to preserve them.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.