ASIC has announced it is to extend the operation of the ASIC Corporations (Design and Distribution Obligations Interim Measures) 2021/784 instrument for a further five years.
The instrument was initially made for a period of two years and included relief for distributors from the obligation to report to product issuers if they received nil complaints during a reporting period. Background.
ASIC assessed that ASIC Instrument 2021/784, is operating effectively and efficiently, and continues to form a necessary and useful part of the legislative framework.
The only changes in the draft proposed instrument are to:
- extend the expiry of the instrument until the start of 5 October 2028; and
- to remove an exemption for cashless welfare arrangements that is no longer necessary following the making of the Corporations Amendment (Design and Distribution Obligations – Income Management Regimes) Regulations 2023.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
