In this Funds Update for 1 December 2023:
- FFSP legislation tabled in Parliament and to take effect 31 March 2025
- ASIC consults on remaking class order on Exchange Traded Funds
FFSP legislation tabled in Parliament and to take effect 31 March 2025
On 30 November 2023, the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 (Bill) was tabled in the House of Representatives. The Bill introduces new exemptions from holding an Australian financial services licence (AFSL) for foreign financial service providers (FFSPs) and is substantially similar to the exposure draft bill released on 7 August 2023, with some additional improvements made which, if passed, will provide much needed clarity for FFSPs and their Australian clients.
For more detail on the Bill, please read the article published by our financial services regulatory team on 30 November 2023, available here.
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ASIC consults on remaking class order on Exchange Traded Funds
On 24 November 2023, ASIC announced that it has released Consultation Paper 374 Remaking ASIC Class Order on Exchange Traded Funds: [CO 13/721] (CP 374) seeking feedback on proposals to extend ASIC Class Order [CO 13/721] (CO 13/721) so that it will remain in force until it is revoked or sunsets on 1 April 2029 (rather than expiring on 1 April 2024).
CO 13/721 affords equal treatment relief for responsible entities and corporate directors, ongoing disclosure relief, relevant interest relief and substantial holding and beneficial trading relief for issuers. CO 13/721 will also be amended to provide an extension of the current relief to a broader class of ETFs, including all types of quoted management investment schemes and sub-funds of a corporate collective investment vehicle.
ASIC invites feedback on CP 374 until 5 January 2024.
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Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.