ASIC Corporations (Amendment) Instrument 2017/1049 has amended ASIC Class Order [CO 14/1000] to provide certain disclosure, advertising, registration and PDS relief for trustees and financial advisers in relation to certain employee incentive schemes.

To date, ASIC’s general approach to granting individual relief for listed entities which are unable to meet the conditions for the class order relief has been to limit the relief to what is required for the particular transaction. This has meant that:

  • the relevant entity must apply for further relief every time it makes significant changes to its scheme or adopts a new scheme; or
  • ASIC can provide broad individual relief by creating a legislative instrument under the Legislation Act 2003 (Cth): item 9 of the table in regulation 7 of the Legislation (Exemptions and Other Matters) Regulation 2015 (Cth).

The purpose of Instrument 2017/1049 is therefore to provide relief for trustees and financial advisers who are not necessarily associated with the listed entity and are not specified by name where the relevant employee incentive scheme is covered by individual relief on terms that are similar to CO 14/1000.