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Law Council of Australia

Business Law Section

Consultation Paper 367: Remaking ASIC class orders on financial requirements: (CO 13/760), (CO 13/761) and ASIC Instrument 2022/449 (CP 367)

The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) has prepared this submission in response to CP 367, which was released by the Australian Securities and Investments Commission (ASIC) on 3 March 2023.

CP 367 sets out ASIC’s proposals to remake the following legislative instruments:

(a) Class Order [CO 13/760] Financial requirements for responsible entities and operators of investor directed portfolio services (Class Order 13/760);

(b) Class Order [CO 13/761] Financial requirements for custodial or depository service providers (Class Order 13/761); and

(c) ASIC Corporations (Financial Requirements for Corporate Directors of Retail Corporate Collective Investment Vehicles) Instrument 2022/449 (Instrument 2022/449), each of which would have effect until 1 October 2028.


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