The Australian Securities & Investments Commission (ASIC) has made a new legislative instrument to replace its class order on financial product advice – exempt documents. The class order was due to expire on 1 April 2017, but ASIC remade the class order (now called a ‘legislative instrument’) following public consultation and two submissions in support of proposals to continue providing the relief.

The new legislative instrument, which has the same effect as old class order CO 03/606, essentially specifies a list of documents, information or statements which, in relation to general advice in that document, will be considered as exempt from the AFS licence requirement under the Corporations Act. These documents include:

  • documents prepared in accordance with the Corporations Act or other Act;
  • explanatory statements for certain foreign schemes of arrangement; and
  • documents provided in relation to a transaction involving the acquisition of control or potential control of, or the acquisition of a substantial interest in, an issuer of securities or a managed investment scheme that is regulated in the jurisdiction of an approved foreign market.

Further information can be found here.