Remaking of Class Order [CO 12/1482] - Debentures

Announcement date
28 March 2022

Link to announcement

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-068mr-asic-remakes-sunsetting-class-order-on-when-debentures-can-be-called-secured-notes/

Problem being addressed
Under the Legislation Act 2003, the Legislative Instrument on Debentures (Class Order [CO 12/1482]) is scheduled to sunset on 1 April 2022.

Debentures are securities which most commonly involve a borrower, undertaking to repay as debt, money lent by investors.
 

Proposal
ASIC proposes to remake the legislative instrument on debentures without significant amendment.
 

Assessed RIS outcome

Consistent with Government’s Regulation Impact Statement requirements for sunsetting instruments, ASIC, after consultation with stakeholders, assessed the Guidelines as operating effectively and efficiently. Therefore, a Regulation Impact Statement was not required for remaking the Regulations.