Remaking sunsetting instrument without significant amendments – Australian Securities and Investments Commission
On 12 September 2019, the Australian Securities and Investments Commission (ASIC) remade Class Order [CO 09/552] Changing scheme constitutions as ASIC Corporations (Changing Scheme Constitutions) Instrument 2019/700. [CO 09/552] was due to sunset on 1 October 2019.
The Corporations Act 2001 section 601GC(1)(a) requires that, for the constitution of a registered scheme (registered managed investment scheme) to be changed, the change must be passed by a special resolution of the members of the scheme. The new instrument continues the relief provided by [CO 09/552] through identifying additional scenarios on how the constitution of a registered scheme may be modified, or repealed and replaced with a new constitution. The relief helps to reduce the burden for schemes in changing the constitution, while aiming to ensure the rights of members are appropriately protected.
Consistent with government best practice regulation requirements for sunsetting instruments, ASIC has, after consultation with industry, assessed the instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this instrument without significant amendments.