ob体育

ob体育 today released a consultation paper proposing to remake four class orders that are due to expire (鈥榮unset鈥�) in 2017 and to incorporate two related class orders into one new instrument.

The class orders proposed to be remade are:

• Class Order [CO 02/260] Product Disclosure Statements: Application forms created by licensee;
• Class Order [CO 02/262] Applications to switch managed investments products;
• Class Order [CO 07/10] Technical disclosure relief for reconstructions and capital reductions (paragraphs 4 and 8); and
• Class Order [CO 02/437] Eligible applications: Relief from s1016A for managed investment products.

ob体育 proposes to remake these class orders because they are operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework. No substantive changes are proposed.

Consultation Paper 274听Remaking ob体育 class orders on application form requirements (CP 274) outlines the class orders proposed to be remade and consolidated into one new instrument and our rationale for remaking and consolidating them.

Each proposed class order has been redrafted using ob体育鈥檚 current style and format into a single instrument, while preserving the current effect of the instruments. The draft ob体育 instruments, which reflect the amendments proposed in the consultation 274.

Submissions on CP 274 are due on 2 January 2017.

Background

Under the Legislative Instruments Act 2003, all class orders are repealed automatically or 鈥榮unset鈥� after a specified period of time (mostly 10 years) unless we take action to exempt or preserve them.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.

Where an instrument is considered to be operating effectively and efficiently and still serves a regulatory purpose, we will consult on remaking it even if there will be no substantive changes.