ASIC is seeking feedback from operators of investor-directed portfolio services (IDPS) and responsible entities of IDPS-like schemes on proposals to remake ‘sunsetting’ class orders.
Consultation Paper 369 (CP 369) Remaking ASIC class orders on platforms: [CO 13/762] and [CO 13/763] sets out ASIC’s proposals on:
Class Order [CO 13/762] Investor-directed portfolio services provided through a registered managed investment scheme; and
Class Order [CO 13/763] Investor-directed portfolio services.
These class orders afford relief to IDPSs and IDPS-like schemes, to tailor the requirements of the Corporations Act 2001 to the nature of the schemes. The schemes involve investor-driven investment and a segregated portfolio of each client’s assets. The class orders will expire (‘sunset’) on 1 October 2023 if not remade.
ASIC considers the class orders to be operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework. The fundamental policy principles that underpin the class orders have not changed.
ASIC invites submissions from stakeholders on our proposals to remake the class orders in substantially the same form for 5 years.
Submissions on CP 369 are due on 28 April 2023.