On Jan. 19, AST ASIC issued proposal regarding investment schemes.
AST ASIC proposed remaking class orders below in relation to managed investment schemes, as the class orders are due to sunset Apr. 1, 2024; seeks feedback re same.
Follows AST ASIC Mar. 2017 proposed relief to wholesale equity schemes, see #31473.
Also follows AST ASIC Jun. 2017 guided on asset-holding in funds, custody, #32791.
AST ASIC has assessed that these class orders are generally operating effectively and efficiently; they continue to form a necessary and useful part of legislative framework.
AST ASIC proposed to remake the class orders above for a period of five years.
Consultation End
The comment period for this consultation closes at 5pm on Feb. 16, 2024.
Mar. 25, 2024 AST GVT, AST ASIC Instruments
On Mar. 25, 2024, AST GVT registered AST ASIC instruments below, in force Mar. 26.
AST ASIC explained that given the sunsetting date of Apr. 1, 2024, AST ASIC determined to remake the relief in substantially the same form and will consult further with stakeholders on whether any amendments are required to Instrument 2024/14.
AST ASIC explained that the purpose of Instrument 2024/19 is to repeal [CO 13/1406] above, and [CO 13/1200], [CO 13/1409], [CO 13/1410], and [CO 13/1621], in order to ensure there is no overlap between these instruments and those that replace them.
Each explanatory statement contains information re instrument duration; i.e. duration of Instrument 2024/15 is 6 months, AST ASIC considers this is appropriate; AST ASIC intends to consult further re Instrument 2024/15 on necessity of its further extension.
Mar. 27, 2024 AST ASIC Comments
On Mar. 27, 2024, AST ASIC commented on the registration of the instruments above.
It confirmed the new instruments expire Apr. 1, 2029, but Instrument 2024/15 expires Oct. 1, 2024; confirmed that all class orders were remade in substantially same form.
AST ASIC will continue to monitor the appropriateness of the new instruments with regard to its regulatory experience, feedback from relevant stakeholders, and outcomes from Review of the regulatory framework for managed investment schemes#181230.
In Jul. 2024, AST GVT issued instrument re enhanced disclosure, ETFs, see #221502.
Regulators
AST ASIC; AST GVT
Entity Types
B/D; Depo; Fiduciary; Inv Co
Reference
PR 3/27/2024; Info, RF F2024L00372, F2024L00373, F2024L00374, F2024L00375, F2024L00376, F2024L00377 3/25/2024; CP 1/19/2024; Citation: ASIC class order [CO 13/1200] periodic statements relief for AQUA quoted and listed managed investment scheme manager; ASIC class order [CO 13/1406] land holding for primary production schemes; ASIC class order [CO 13/1409] holding assets: standards for responsible entities; ASIC class order [CO 13/1410] holding assets: standards for providers of custodial and depository services; ASIC class order [CO 13/1621] exemption and declaration for the operation of mFund; ASIC corporations (periodic statement relief for quoted securities) instrument 2024/14; ASIC corporations (land holding for primary production schemes) instrument 2024/15; ASIC corporations (asset holding standards for responsible entities) instrument 2024/16; ASIC corporations (custody standards for providers of custodial and depository services) instrument 2024/17; ASIC corporations (mFund) Instrument 2024/18; ASIC corporations (repeal) instrument 2024/19;
