In this Funds Update for 3 May 2024:
ASIC amends DDO Instrument 2021/784
On 23 March 2024, ASIC issued the ASIC Corporations (Amendment) Instrument 2024/146 (Instrument 2024/146) which amends ASIC Corporations (Design and Distribution Obligations Interim Measures) Instrument 2021/784 (Instrument 2021/784).
The new Instrument 2024/146 replaces a reference to section 763D of the Corporations Act 2001 (the Act) in the definition of ‘makes non-cash payments’ with a reference to section 12BAA(6) of the Act, to ensure the instrument operates as intended in providing an exemption for certain non-cash payment facilities from the design and distribution obligations.
We previously reported on ASIC’s proposal to extend the operation of Instrument 2021/784 in August 2023. This came into effect under ASIC Corporations (Amendment) Instrument 2023/706 in September 2023, which extended the operation of Instrument 2021/784 for another five years to 5 October 2028.
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