Consultation on remaking Class Order 11/272 – Request for feedback
The submission to the Australian Securities and Investments Commission in relation to the Consultation on remaking Class Order 11/272 was prepared by the Corporations Committee of the Business Law Section.
The Corporations Committee considers the Australian Securities and Investments Commission (ASIC) Class Order [CO 11/272] (CO 11/272) to be necessary for effective application of the substantial holding provisions to share lending and prime broking. The committee strongly supports ASIC remaking CO 11/272 and considers that it is operating effectively, so far as it goes.
The committee supports ASIC’s proposal to extend the instrument to provide relief for agents in securities lending transactions in terms at least as broad as ASIC’s CP 319 draft instrument (2019 Draft Instrument). However, the committee submits that ASIC should, at the same time as remaking the instrument with the 2019 Draft instrument amendments, also consider extending the relief. For example, we submit that it:
- should not be restricted to agents carrying on a custodial business; and
- should be available to agent lenders that do not have, and are not required to have, an Australian financial services licence.
You can read the full submission below.
Last Updated on 29/07/2021
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