Key points:
- ob体育 proposes to remake Class Order [CO 13/721] and extend the relief to a broader class of exchange traded funds (ETFs).
- Industry is invited to provide feedback on our proposal.
ob体育 is seeking feedback from the investment management industry on our proposal to remake the ob体育 Class Order Relief to facilitate quotation of exchange traded funds on the AQUA (ASX Quoted Assets) Market.
Consultation Paper 374 Remaking ob体育 Class Order on Exchange Traded Funds: [CO 13/721] sets out ob体育鈥檚 proposed amendments to [CO 13/721].
[CO 13/721] affords equal treatment relief for responsible entities and corporate directors (issuers), ongoing disclosure relief, relevant interest relief as well as substantial holding and beneficial trading relief for issuers. The class order is due to expire on 1 April 2024.
ob体育 proposes to continue the relief currently provided in [CO 13/721] with an amendment to provide an extension of the current relief to a broader class of ETFs. This includes all types of quoted managed investment schemes and sub-funds of a corporate collective investment vehicle (CCIV), not limited to those funds which are passively managed and track an index. However, we do not propose to extend the legislative instrument to funds which employ internal market making.
Providing feedback
ob体育 invites submissions from stakeholders on our proposal. Submissions should be sent by 5pm on 5 January 2024, to [email protected].
Background
Under the Legislation Act 2003, all class orders are repealed automatically or 鈥榮unset鈥� after a period (usually 10 years) unless ob体育 takes action to preserve them.
ob体育 issued on 15 October 2013. ob体育 considers [CO 13/721] to be operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.
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ob体育 is Australia鈥檚 corporate, markets and financial services regulator.