The Australian Securities & Investments Commission (ASIC) has once again extended the relief provided to group purchasing bodies under Class Order CO 08/1. The relief was due to expire on 30 June 2016, but ASIC has extended it until 30 June 2017.
The class order gives eligible group purchasing bodies relief from the licensing and managed investments provisions of the Corporations Act. This includes relief from the requirement to hold an Australian financial services (AFS) licence for providing the following financial services in relation to risk management products:
- dealing (other than issuing);
- providing a custodial or depository service; and
- giving financial product advice by providing certain general information when arranging for a person to be covered by a risk management product.
Further information can be found in ASIC Regulatory Guide 195.