Australian Securities and Investments Commission
The Australian Securities and Investments Commission (ASIC) remade the ASIC class order [CO 02/314]: Employee redundancy funds: relief without significant amendments on 9 December 2015. The Class Order was remade for an interim period of 24 months (to expire on 1 October 2018) to provide sufficient time for Government to consider the findings from the Final Report of the Royal Commission into Trade Union Governance and Corruption. Class Order 02/314 exempts employee redundancy funds and operators of these funds from complying with the managed investments and associated provisions contained within the Corporations Act 2001, including the requirements to:
- hold an Australian financial services licence;
- register the fund as a managed investment scheme; and
- comply with the managed investment provisions, as well as other associated provisions, of the Corporations Act (including product disclosure statements, ongoing disclosure requirements and the anti-hawking provisions).
In line with the Australian Government best practice regulation requirements for sunsetting legislative instruments, ASIC has assessed the operation of this instrument in consultation with affected stakeholders and has certified that the instrument is operating effectively and efficiently. Therefore the Office of Best Practice Regulation notes that a Regulation Impact Statement is not required for this instrument to be remade. As the instrument was remade without amendments, there are no changes to regulatory costings.
