Announcement date
05 September 2022
Link to announcement
ASIC’s Binary Options product intervention order extende until 1 October 2031.
Problem being addressed
ASIC Corporations (Product Intervention Order – Binary Options) Instrument 2021/240 was scheduled to sunset on 7 October 2022.
Proposal
On 2 September 2022 the Australian Investment and Securities Commission (ASIC) made ASIC Corporations (Product Intervention Order Extension – Binary Options) Instrument 2022/779 (the Instrument). The Instrument is a declaration that the ASIC Corporations (Product Intervention Order – Binary Options) Instrument 2021/240 (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 1 October 2031. The Principal Instrument commenced on 7 April 2021 and without this declaration would cease on 7 October 2022, as per subsection 1023G(2)(a) of the Act after 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
No change in regulatory costs.