Regulation Impact Statement – Australian Securities & Investments Commission
On 11 December 2020, the Australian Securities & Investments Commission (ASIC) released an updated regulatory guide on time-sharing schemes, RG 160 Time-sharing schemes.
The updated RG 160 contains guidance on the existing regulation of time-sharing schemes, as well as some new requirements. These new requirements include a new ‘subject to finance’ obligation, new hardship withdrawal arrangements, new compliance and audit requirements for points-based programs, amended disclosure requirements, and amended fees and costs disclosure requirements tailored to the different types of time-sharing schemes.
ASIC prepared a Regulation Impact Statement (RIS) which has been assessed by the OBPR as compliant under the pre-March 2020 Australian Government Regulatory Impact Assessment framework. To be considered best practice, more comprehensive stakeholder consultation would have been required to better inform the impact analysis.
The RIS estimates the average annual regulatory costs at $336,000.
Please note: any accessibility queries should be directed to ASIC.