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Law Council of Australia

Business Law Section

Media Release 23-154—Consultation on remaking ‘sunsetting’ class orders on unit pricing discretions for managed investment schemes

The submission to the Australian Securities and Investments Commission (ASIC) in response to ASIC’s proposal set out in ASIC Media Release 23-154 (issued on 8 June 2023—the Media Release), and the draft legislative instrument made available under cover of the Media Release (the Draft Instrument), was prepared by the the Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee).

ASIC is proposing to remake the following managed investment scheme unit pricing class orders that are due to sunset on 1 October 2023 as a single legislative instrument in the form of the Draft Instrument

  1. Class Order [CO 13/655] Provisions about the amount of consideration to acquire interests and withdrawal amounts not covered by ASIC Corporations (Managed investment product consideration) Instrument 2015/84 (Class Order 13/655); and
  2. Class Order [CO 13/657] Discretions affecting the amount of consideration to acquire interests and withdrawal amounts (Class Order 13/657).

These class orders are due to expire on 1 October 2023. ASIC is proposing to replace these class orders with the Draft Instrument, which would expire on 1 October 2028.

The class orders notionally modify certain provisions of Chapter 5C and (in the case of Class Order 13/657) Part 7.9 of the Corporations Act 2001 (Cth) (the Corporations Act).

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