ASIC CLASS ORDER [05/680]
EXPLANATORY STATEMENT
Prepared by the Australian Securities and Investments Commission
Corporations Act 2001
Paragraph 911A(2)(l) – Variation
The Australian Securities and Investments Commission (ASIC) makes Class Order [CO 05/680] Actuaries – amendment under s911A(2)(l) of the Corporations Act 2001 (the Act). Section 911A(2)(l) provides that ASIC may exempt a person or class of persons from the requirement to hold an Australian financial services licence.
1. Additional transitional relief from requirement to hold an Australian financial services licence for certain actuaries
Regulation 7.1.29 of the Corporations Regulations 2001 provides an exemption from licensing for a range of services, including actuarial services. Actuaries have expressed concern that that some traditional professional actuarial services are caught by the Australian financial services licensing regime but do not fall within the exemption in reg 7.1.29.
Class Order [CO 03/1096] Actuaries provided temporary relief until 30 June 2005 so that actuaries did not have to obtain an Australian financial services licence while further exemptions for actuaries could be considered.
[CO 05/680] amends [CO 03/1096], by extending the temporary relief until 1 January 2006. ASIC understands that the Government is considering whether to make regulations to provide further exemptions for actuaries. In these circumstances, it is appropriate to extend the relief in [CO 03/1096] for an additional period.
2. Consultation
ASIC did not undertake any specific consultation before [CO 05/680] was made because it is of a minor and machinery nature.