Announcement date
27 March 2024
Link to announcement
ASIC remakes five ‘sunsetting’ class orders for managed funds
Problem being addressed
ASIC note that under the Legislation Act 2003, the following five Class Orders (the Managed Investment Class Orders) are due to sunset on 1 April 2024.
- ASIC Class Order [CO 13/1200] Periodic statements relief for AQUA quoted and listed managed investment scheme managed investment scheme issuer;
- ASIC Class Order [CO 13/1406] Land holding for primary production schemes;
- ASIC Class Order [CO 13/1409] Holding assets: Standards for responsible entities;
- ASIC Class Order [CO 13/1410] Holding assets: Standards for providers of custodial and depository services; and
- ASIC Class Order [CO 13/1621] Exemption and declaration for the operation of mFund.
Proposal
ASIC remake the Managed Investment Class Orders without significant amendment.
Assessed Impact Analysis outcome
Sunsetting instrument
Assessment comments
Consistent with Government’s Impact Analysis requirements for sunsetting instruments, ASIC has, after consultation with stakeholders, assessed the Managed Investment Class Orders are operating effectively and efficiently. Therefore, an Impact Analysis is not required for the remaking of the class orders.
Regulatory burden
No change in regulatory costs.