Class Order Relief for Business Introduction or Matching Services – Australian Securities and Investments Commission
On 29 March 2017, the Australian Securities and Investments Commission (ASIC) remade the Class Order (CO 02/273) without significant amendments.
The Class Order 02/273 provides conditional exemptions from the fundraising and debenture requirements in the Corporations Act 2001 (the Act) for persons involved in making or calling attention to offers of securities through a business introduction service. It intends to facilitate the growth of small and medium enterprises (SMEs) by reducing the regulatory burden of small-scale fundraising and assist SMEs to locate potential investors.
Consistent with Government’s best practice regulation requirements for sunsetting instruments, ASIC has assessed the Class Order 02/273 is operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this class order without significant amendments.