Consultation Paper 368: Remaking ASIC class orders (CO 13/519) and (CO 13/656) (CP 368)
The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) provided a submission to the Australian Securities and Investments Commission (ASIC) in response to its Consultation Paper 368 (CP 368), which was released by the on 21 March 2023.
CP 368 sets out ASIC’s proposals to remake the following legislative instruments, which are due to sunset on 1 October 2023:
(a) Class Order [CO 13/519] Changing the responsible entity (Class Order 13/519); and
(b) Class Order [CO 13/656] Equality of treatment impacting on the acquisition of interests (Class Order 13/656), each of which would have effect until 1 October 2028.
The Committee notes that ASIC:
(a) has formed the preliminary view that each of the class orders is operating effectively and efficiently, and continues to form a necessary and useful part of the legislative framework; and
(b) is not proposing to make substantive changes to the relief conferred by either class order.
The Committee’s comments relating to each respective proposal and its corresponding class order are set out in the submission.