Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Providing conditional relief from the [Corporations Act 2001] to charitable schemes and the collection of school enrolment deposits
Regulation Impact Statement – Australian Securities and Investments Commission
On 28 September 2016, the Australian Securities and Investments Commission (ASIC) released new guidance outlining the remaking of Class Order [CO 02/184], which provides conditional relief from the fundraising, managed investment, debenture and licencing provisions of the Corporations Act 2001 to charities and schools that wish to raise funds to assist them meet their objectives.
The Class Order was originally introduced to assist charitable entities and schools to achieve their fundraising objectives. The new Class Order imposes restrictions on short-term and at-call investments to limit reported incidents where investors were engaged in an unexpected level of risk as a result of some charitable entities pursuing higher risk ventures.
A Regulation Impact Statement (RIS) was prepared and certified by ASIC in accordance with the Government’s best practice regulation requirements, and has been assessed as compliant and best practice by the Office of Best Practice Regulation (OBPR).
The RIS estimates the average annual regulatory cost at $66.4 million per annum, and identifies offsets. The OBPR has agreed to the regulatory cost and offset estimates.