Following public consultation, ASIC has released new legislative instruments on secondary services and general advice, replacing a number of class orders that are due to expire (‘sunset’). This follows Consultation Paper 226 Remaking ASIC class orders on secondary services and general advice (CP 226) (refer: 14-330MR).
The secondary services and general advice class orders have been remade without significant changes so that their ongoing effect will be preserved without any disruption to those who rely on them.
Read more about sunsetting class orders
ASIC has:
- replaced Class Order [CO 05/835] General advice in advertising with new legislative instrument ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539
- replaced Class Order [CO 05/1195] Simplified warning for oral general advice with ASIC Corporations (General Advice Warning) Instrument 2015/540
- consolidated Class Order [CO 04/1572] Secondary Services: Financial Services Guide relief for experts and Class Order [CO 04/1573] Secondary Services: Financial Services Guide relief for arrangers acting under an intermediary authorisation into ASIC Corporations (Financial Services Guides) Instrument 2015/541.
Download
Non-confidential submission to CP 226
ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539
ASIC Corporations (General Advice Warning) Instrument 2015/540
ASIC Corporations (Financial Services Guides) Instrument 2015/541
ASIC Corporations (Amendment and Repeal) Instrument 2015/542
Background
Under the Legislative Instruments Act 2003, all class orders sunset after a specified period of time (mostly 10 years) unless we take action to exempt or preserve them. 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.
All government organisations are responsible for considering whether the legislative instruments they have made that are due to sunset will be relevant after their sunset date.
On 11 December 2014, ASIC released CP 226 which publicly consulted on remaking the secondary services and general advice class orders that are due to sunset in 2015 and 2016. In CP 226, ASIC proposed to remake the class orders without significant changes.
Submissions received were supportive of ASIC’s proposal to remake the secondary services and general advice class orders without significant changes in the form of the draft instruments attached to the consultation paper.
The minor changes we have made to the class orders include:
- updating the name, format, legislative references and definitions
- simplifying the drafting to give greater clarity and correct minor drafting errors
- removing obsolete paragraphs
- updating the class order on general advice in advertising to encompass contemporary forms of advertising.