ASIC remakes 'sunsetting' class order about mortgage schemes

The Australian Securities and Investments Commission (ASIC) announced it has remade Class Order [CO 02/238] Mortgage schemes - Chapter 5C and disclosure relief, which was due to expire on 1 October 2017. The new instrument, ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857, continues to provide:
  • scheme registration, licensing, disclosure, and hawking relief for certain small-scale schemes with no more than 20 members;
  • scheme registration relief in relation to individual mortgages in a scheme; and
  • withdrawal-related relief for individual mortgages in a scheme.
ASIC has temporarily extended the relief given under [CO 02/238] for small, industry-supervised schemes. The Legal Profession Uniform Law as it applies to the promotion and operation of managed investment schemes by law practices is due to come into force on 1 July 2018. ASIC will review the extension within 12 months of issue and assess whether it should be remade and, if so, whether it is operating effectively and efficiently.

ASIC has not continued the transitional 'run-out' relief provided by [CO 02/238] as it was no longer necessary.

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