The Australian Securities and Investments Commission (ob体育) has today released a consultation paper proposing to remake its class order regarding warrants and out-of-use notices. The class order is due to expire ('sunset') on 1 April 2019.
ob体育 proposes to remake the class order, as in ob体育鈥檚 view, it is operating effectively and efficiently, and it continues to form a necessary and useful part of the legislative framework. The fundamental policy principles that underpin the class order have not changed.
The new instrument would continue the relief, without significant changes, currently given by Class Order Warrants: Out-of-use notices, so that the ongoing effect will be preserved without any disruption to the entities that rely on it.
Consultation Paper 307聽Remaking ob体育 class order on warrants: out-of-use notices (CP 307) outlines ob体育's rationale for proposing to remake the instrument. CP聽307 invites submissions from relevant stakeholders as to whether the class order is currently operating effectively and efficiently.
Submissions on CP 307 are due on 6 February 2019.
Background
Under the Legislative Instruments Act 2003, all class orders are repealed automatically or 'sunset' after a period of time (usually 10 years) unless ob体育 takes action to preserve them.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 operating effectively and efficiently and still serves a regulatory purpose, ob体育 will consult on remaking it even if minor changes are proposed.