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ARTICLE · 27 MARCH 2008

Regulatory Authorities

Minter Ellison
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On 18 March 2008 ASIC announced Class Order relief from provisions of the Corporations Act 2001 (Cth) (Act) to facilitate the operation of certain share and interest sale facilities.

AustraliaCorporate/Commercial Law

ASIC

Relief granted for share and interest sale facilities

On 18 March 2008 ASIC announced Class Order relief from provisions of the Corporations Act 2001 (Cth) (Act) to facilitate the operation of certain share and interest sale facilities.

The Class Order, CO 08/10 Share and interest sale facilities (Class Order) operates in circumstances where ASIC is satisfied that the prohibitions in s1019F, the managed investment provisions and related provisions of the Act were not intended to apply; strict compliance with these provisions would be impractical and disproportionately burdensome; and there would be no significant regulatory benefit in requiring compliance.

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