ASIC Class Order [CO 10/381]; ASIC Class Order [CO 10/1230] – Australian Securities and Investments Commission
On 30 September 2020 the Australian Securities and Investments Commission (ASIC) remade the above instruments without significant amendments. ASIC Class Order [CO 10/381] and ASIC Class Order [CO 10/1230] had been scheduled to sunset on 1 October 2020 and 1 April 2021 respectively.
ASIC Class Order [CO 10/381] gives effect to the intention of Item 39A of Schedule 2 of the National Consumer Credit Protections (Transitional and Consequential Provisions) Act 2009, where all unlicensed carried over instrument lenders (UCOILs) are required to provide certain specified information to ASIC.
ASIC Class Order [CO 10/1230] clarifies electronic disclosure obligations and facilitates electronic pre-contractual disclosure. It ensures that a credit provider may give pre-contractual disclosure in the same manner as other disclosure documents under regulation 28L of the National Consumer Credit Protection Regulations 2010.
Consistent with Government best practice regulation requirements for sunsetting instruments, ASIC has, after consultation, assessed these instruments as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for remaking these instruments without significant amendments.
Please note, any accessibility queries should be directed to ASIC.