Consultation Paper 369: Remaking ASIC class orders on platforms: (CO 13/762) and (CO 13/763)
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 respond to ASIC Consultation Paper 369 Remaking ASIC class orders on platforms: [CO 13/762] and [CO 13/763] (the Consultation Paper).
The Consultation Paper proposes that ASIC will remake the following legislative instruments, without significant changes:
(a) Class Order [CO 13/762] Investor directed portfolio services provided through a registered managed investment scheme (Class Order 13/762); and
(b) Class Order [CO 13/763] Investor directed portfolio services (Class Order 13/763).
These class orders are due to expire on 1 October 2023. ASIC is proposing to replace these class orders with new legislative instruments with an expiry date of 1 October 2028.
The Committee agrees with ASIC’s proposal to remake Class Order 13/762.