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ARTICLE · 01 APRIL 2010

ASIC Widens Share Purchase Plan Relief for Custodians and Trustees

HopgoodGanim
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Australian Securities and Investment Commission (ASIC) released its updated policy on Share Purchase Plans (SPPs). The policy widens the ability of those who hold securities as custodians or trustees to participate in SPPs, rectifying what had been considered as deficiencies in the relief in the previous policy. The new policy also confirms that applicants are able to use electronic payment facilities

AustraliaFinance and Banking
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Nicole Radice, Partner

The Australian Securities and Investment Commission (ASIC) released its updated policy on Share Purchase Plans (SPPs) this week with Class Order 10/105 and the updated Regulatory Guide 125. The policy widens the ability of those who hold securities as custodians or trustees to participate in SPPs, rectifying what had been considered as deficiencies in the relief in the previous policy. The new policy also confirms that applicants are able to use electronic payment facilities.

ASIC introduced changes to the policy relating to SPPs in June 2009, increasing the investment limit from $5,000 to $15,000 per registered holder in an attempt to encourage more participation by retail investors. The 2009 changes also aimed to enable custodian holders to participate in SPPs. However, it has become apparent since that time that there were some problems with the policy due to the restrictions on the definition of 'custodian'.

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