ob体育 has remade ten legislative instruments and repealed three that are due to expire ('sunset') in 2016 and 2017, following public consultation.
ob体育 has remade these instruments before they sunset. The new instruments will continue the substantive effects of the previous instruments with some minor amendments, which include simplifying the drafting to give greater clarity.
The following instruments have been remade:
- Class Order [CO 01/1519] Disclosure of directors' interests has been remade into .
- Class Order [CO 02/313] Part 7.11: Transfers of securities under Division 3 has been remade into .
- Class Order [CO 02/608] Warrants: Relief from PDS requirements for secondary sales and Class Order [CO 03/957] ASX managed investment warrants: Disclosure and reporting exemptions have been remade and consolidated into .
- Corporations (Low Volume Financial Markets) Exemption Notice 2003 has been remade into .
- Class Order [CO 03/826] Market related records: Australian financial service licensees dealing on overseas markets has been remade into .
- Class Order [CO 03/911] Licensing relief for self-dealers who provide general product advice about own securities has been remade into .
- Class Order [CO 06/682] Multiple derivative issuers has been remade into .
- Class Order [CO 07/183] Transfer of Australian securities traded in New Zealand has been remade into .
- Class Order [CO 02/281] Dematerialised securities traded on Austraclear has been remade into ob体育 Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841.
However, ob体育 has varied the application of the Corporations (Low Volume Financial Markets) Exemption Notice 2003 by increasing the transaction threshold of low volume financial markets and amending the transaction period to which the transaction threshold applies.
ob体育 has also amended the application of [CO 01/1519] such that it no longer imposes certain conditions on the relief.
ob体育 has repealed the following class orders, having formed the view that this relief is no longer required:
- Class Order [CO 02/284] CHESS-approved foreign securities
- Class Order [CO 00/2449] ASX Online鈥攔elief from paper lodgement, and
- Class Order [CO 02/1296] ASX managed investment warrants鈥擣SR Act transition.
Background
Under the Legislation Act 2003, legislative instruments such as class orders are repealed sunset after 10 years unless action is taken to exempt or preserve them.聽 This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
ob体育 issued Consultation Paper 262 Remaking and repealing ob体育 class orders on markets and securities (CP 262) in July 2016. CP 262 sought feedback on ob体育's proposal to continue the relief in [CO 01/1519], [CO 02/313], [CO 02/608], [CO 03/957], Corporations (Low Volume Financial Markets) Exemption Notice 2003, [CO 03/826], [CO 03/911], [CO 06/682] and [CO 07/183] and repeal [CO 02/284].
Three submissions were received in relation to CP 262, which substantively supported this proposal.
ob体育 issued Consultation Paper 236 Remaking ob体育 class orders on dematerialised securities and CHESS units of foreign securities (CP 236) in August 2015. CP 236 sought feedback on, among other things, ob体育鈥檚 proposal to continue the relief in [CO 02/281] and to repeal [CO 00/2449] and [CO 02/1296].
Four submissions were received in relation to CP 236, which substantively supported this proposal.