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ASIC has released a consultation paper proposing to remake two class orders due to expire on 1 April 2017.
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ASIC consults on sunsetting class orders
06 January 2016
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The class orders affect financial reporting by small proprietary companies controlled by a foreign company and by registered foreign companies.
The class orders in question are:
Class Order [CO 98/98] Small proprietary companies which are controlled by a foreign company but which are not part of a large group in Australia; and
Class Order [CO 02/1432] Registered foreign companies: financial reporting requirements.
Consultation Paper 248 Remaking ASIC class orders on reporting by foreign entities: [CO 98/98] and [CO 02/1432] proposes that they be remade as a single legislative instrument.
ASIC proposes to remake these class orders since the regulator believes they are "operating effectively and efficiently, and continue to form a necessary and useful part of the legislative framework".
The remade instrument preserves the existing relief with one substantive change upon which comment is specifically sought. Under the proposed change, ASIC will have the ability to give notice to an individual entity that it may not rely on the relief. In giving such notice, ASIC may have regard to information provided to it by the ATO or other regulators.
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Each class order has been redrafted using ASIC’s current style and format, while preserving the current effect of the instrument.
The draft ASIC instrument, which reflects the amendments proposed in the consultation paper, is available on ASIC's website. Submissions on CP 248 are due by 29 February 2016.
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