AUSTRALIA: ASIC Releases New Secondary Services and General Advice Legislative Instruments to Replace `Sunsetting` Class Orders

Tuesday August 25 2015

Following public consultation, ASIC has released new legislative instruments on secondary services and general advice, replacing a number of class orders that are due to expire (‘sunset’). This follows Consultation Paper 226 Remaking ASIC class orders on secondary services and general advice (CP 226).

The secondary services and general advice class orders have been remade without significant changes so that their ongoing effect will be preserved without any disruption to those who rely on them.

ASIC has:

• replaced Class Order [CO 05/835] General advice in advertising with new legislative instrument ASIC Corporations (Advertising by Product Issuers) Instrument 2015/539
• replaced Class Order [CO 05/1195] Simplified warning for oral general advice with ASIC Corporations (General Advice Warning) Instrument 2015/540
• consolidated Class Order [CO 04/1572] Secondary Services: Financial Services Guide relief for experts and Class Order [CO 04/1573] Secondary Services: Financial Services Guide relief for arrangers acting under an intermediary authorisation into ASIC Corporations (Financial Services Guides) Instrument 2015/541.

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