Class Order for Offers of Securities on Internet– Australian Securities and Investments Commission
On 7 March 2017, the Australian Securities and Investments Commission (ASIC) remade the Class Order (CO 02/246) without significant amendments in ASIC Corporations (Offers over the internet) 2017/181 (the instrument).
The instrument continues the exemption for foreign offerors of financial products from complying with the Product Disclosure Statement obligation and advertising obligations under the Corporations Act 2001. The relief provided by the Instrument is intended for the benefit of foreign offerors that make offers of financial products over the internet to persons outside Australia in such a way that the offer is available to, or received by, people in Australia.
Consistent with Government’s best practice regulation requirements for sunsetting instruments, ASIC, after consulting stakeholders, has assessed the Class Order 02/246 (now contained in the instrument) is operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this class order without significant amendments.