Announcement date
6 April 2022
Link to announcement
ASIC’s CFD product intervention order extended for five years
Problem being addressed
ASIC Corporations (Product Intervention Order – Contracts for Difference) Instrument 2020/986 was scheduled to sunset on 23 May 2022.
Proposal
On 5 April 2022 the Australian Investment and Securities Commission (ASIC) made ASIC Corporations (Product Intervention Order Extension – Contracts for Difference) Instrument 2022/259 (the instrument). The instrument is a declaration that the ASIC Corporations (Product Intervention Order – Contracts for Difference) Instrument 2020/986 (the Principal Instrument), a product intervention order made under subsection 1023D(3) of the Corporations Act 2001 (the Act), remains in force for the period ending at the end of 23 May 2027. The Principal Instrument commenced on 23 November 2020 and without this declaration would cease on 23 May 2022, as per subsection 1023G(2)(a) of the Act having remained in force for 18 months.
Assessed RIS outcome
Sunsetting instrument
Assessment comments
Consistent with Government’s Regulation Impact Statement requirements for sunsetting instruments, ASIC has, after consultation with stakeholders, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for extending the Principal Instrument .
Regulatory burden
Nil