Remaking of sunsetting instruments without substantive amendments – Australian Securities and Investments Commission
The Australian Securities and Investments Commission (ASIC) remade three sunsetting legislative instrument without significant amendments on 27 July 2015: ASIC Class Orders [CO 04/909], [CO 05/681] and [CO 05/1070].
- Class Order [CO 04/909] permits certain agents who are engaged by an authorised deposit-taking institution to arrange for the issue of basic deposit products without the need to hold an Australian Financial Services (AFS) licence or to be formally appointed as an authorised representative.
- Class Order [CO 05/681] provides conditional relief to deposit product providers, exempting them from the requirement to disclose interest rates in Product Disclosure Statements and termination values in periodic statements.
- Class Order [CO 05/1070] deems a distributor of an AFS licensee, authorised to deal in general insurance products, as a representative of that licensee when they provide the financial service of dealing in a general insurance product.
In line with the Australian Government best practice regulation requirements for sunsetting legislative instruments, ASIC has assessed the operation of the instruments in consultation with affected stakeholders and has certified that the instruments are operating efficiently and effectively. Therefore the Office of Best Practice Regulation notes that a Regulation Impact Statement is not required for the Class Orders to be remade. As the Class Orders were remade without substantive amendments there are no compliance cost changes.
