Regulation Impact Statement Updates

Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.

Remaking of sunsetting instrument without significant amendments

Aust Gov
27th October 2016

Australian Securities and Investments Commission

The Australian Securities and Investments Commission (ASIC) remade seven Class Orders as one instrument, the ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869, without significant amendments, on 19 September 2016.

Class Order 99/463, Class Order 02/185, Class Order 02/245, Class Order 02/303, Class Order 02/304, Class Order 02/305 and Class Order 07/189 collectively provide conditional relief to the serviced strata and management rights scheme operators, from complying with the managed investments and associated provisions contained within the Corporations Act 2001 (Corporations Act).

Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, ASIC has assessed the operation of these Class Orders in consultation with affected stakeholders and has certified that they are operating effectively and efficiently.

Therefore, under the Government’s best practice requirements, a Regulation Impact Statement (RIS) is not required for remaking the seven Class Orders. ASIC has assessed that the amendments result in no change in regulatory burden.

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