Class Order for credit union member shares – Australian Securities and Investments Commission
On 11 July 2017, the Australian Securities and Investments Commission (ASIC) remade the Class Order (CO 02/1176) without significant amendment in ASIC Corporations (Credit Union Member Shares) Instrument 2017/616 (the instrument).
The instrument continues relief to credit unions from holding Australian financial services licences and providing financial disclosure requirements for the provision of financial product advice in relation to the issue of member shares. The instrument also continues relief from the requirement to confirm transactions of member shares under section 1017F of the Corporations Act 2011.
Consistent with Government best practice regulation requirements for sunsetting instruments, ASIC, after consulting stakeholders, has assessed Class Order 02/1176 (now contained in the instrument) is operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking this class order without significant amendments.