Following public consultation, ob体育 has released a new legislative instrument regarding on-market buy-backs of ASX-listed schemes, replacing the class order due to expire ('sunset') on 1 April 2018.
ob体育 has replaced Class Order [CO 07/422] with the new legislative instrument ob体育 Corporations (ASX-listed Schemes On-market Buy-backs) Instrument 2016/1159. Class Order [CO 07/422] has been repealed by ob体育 Corporations (Repeal) Instrument 2016/1209.
We have also updated Regulatory Guide 101 Managed investment scheme buy-backs (RG聽101) to include ob体育's broader policy on managed investment scheme buy-backs, in addition to our policy on market buy-backs by ASX-listed schemes.
The new instrument and updated regulatory guidance follows a public consultation released 12 October 2016. In Consultation Paper 269, Remaking ob体育 class order on managed investment scheme buy-backs and updating related guidance, ob体育 sought feedback on its proposals to remake, without significant changes, Class Order [CO 07/422] and on draft updates to Regulatory Guide 101. ob体育 did not receive any responses to its consultation.聽
Background
Under the Legislation Act 2003, all class orders sunset after a specified period of time (mostly ten 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.