Announcement date
26 March 2025
Link to announcement
ASIC Corporations (31-day Notice Term Deposits) Instrument 2025/172
Problem being addressed
The Australian Securities and Investments Commission (ASIC) Class Order [CO 14/1262] 31-day term deposits provided relief to allow term deposits which are only breakable upon 31 days’ notice to be treated as ‘basic deposit products’ despite not meeting the definition of that term in the Corporations Act.
The Class Order was due to sunset on 1 April 2025.
Proposal
ASIC proposed to remake the relief in [CO 14/1262] by way of a new legislative instrument without significant amendments. The new instrument is ASIC Corporations (31-day Notice Term Deposits) Instrument 2025/17.
Assessed Impact Analysis outcome
Sunsetting instrument
Assessment comments
Consistent with the Government's Policy Impact Analysis requirements for sunsetting instruments, ASIC has certified that the relief in the Class Order is operating effectively and efficiently. Therefore, an Impact Analysis is not required for the remaking of the instrument.
Regulatory burden
ASIC estimates no change in the average annual regulatory costs burden to people, business or community organisations.