ASIC CLASS ORDER [CO 06/469]

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 [C0 06/469] Further transitional relief for actuaries under s911A(2)(l) of the Corporations Act 2001 (the Act).  Section 911A(2)(l) provides that a person is exempt from the requirement to hold an Australian financial services licence (AFSL) for a financial service they provide if the provision of the service is covered by an exemption specified by ASIC in writing and published in the Gazette.

1. Background

Class order [CO 03/1096] Actuaries gives transitional relief in the form of an exemption from the requirement to hold an AFSL to providers of actuarial services. 

ASIC extended the relief given by [CO 03/1096] on 30 June 2005 with Class Order [CO 05/680] Transitional relief for actuaries.  ASIC is extending this relief for a further 6 months while Government finalises its position.

2. Purpose of the class order

The purpose of [CO 06/469] is to grant temporary relief so that affected parties do not have to obtain an AFSL while Government finalises its position.    

3. Consultation

ASIC did not undertake any specific consultation with stakeholders before [CO 06/469] was made because it is of a minor and machinery nature.