Independent Review – Australian Securities and Investments Commission
On 22 December 2014, the Australian Securities and Investments Commission (ASIC) released a Class Order to provide industry with certainty that term deposits that require 31 days’ notice for early withdrawal will be treated as basic deposit products under the Corporations Act 2001 for a period of 18 months. ASIC has self-assessed that its analysis and consultation followed a similar process to that required for a Regulation Impact Statement. The Office of Best Practice Regulation (OBPR) does not assess independent reviews. In certifying the analysis and consultation, ASIC did not follow best practice as the self-assessment and agreement to regulatory costs occurred after the decision to release a Class Order was made. ASIC estimates the reduction in annual regulatory burden is approximately $77.3 million. The OBPR has agreed to the estimated change in regulatory savings.
- Relief for 31-day notice term deposits – ASIC Certification letter [
546KB] - Relief for 31-day notice term deposits – ASIC Certification letter [
113KB] - Relief for 31-day notice term deposits – Certification letter Attachment A [ 148KB]
- Relief for 31-day notice term deposits – Certification letter Attachment A [ 207KB]
- Relief for 31-day notice term deposits – Certification letter Attachment B [ 246KB]
- Relief for 31-day notice term deposits – Certification letter Attachment B [ 398KB]
- Relief for 31-day notice term deposits – Certification letter Attachment C [ 138KB]
- Relief for 31-day notice term deposits – Certification letter Attachment C [ 214KB]
- Relief for 31-day notice term deposits – Certification letter Attachment D [ 33KB]
- Relief for 31-day notice term deposits – Certification letter Attachment D [ 32KB]
- Relief for 31-day notice term deposits – OBPR Assessment Advice [ 153KB]
- Relief for 31-day notice term deposits – OBPR Assessment Advice [ 52KB]