ASIC Class Order [CO 15/153]

Administered by Department of the Treasury

Legislation au F2015L00282 Not in force Legislative Instrument

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ASIC CLASS ORDER [CO 15/153]

EXPLANATORY STATEMENT

Prepared by the Australian Securities and Investments Commission

Corporations Act 2001

The Australian Securities and Investments Commission (ASIC) makes ASIC Class Order [CO 15/153] under paragraphs 601QA(1)(a), 601QA(1)(b), 926A(2)(a), 992B(1)(a), 1020F(1)(a) and 1020F(1)(c) of the Corporations Act 2001 (the Act).

Paragraph 601QA(1)(a) of the Act provides that ASIC may exempt a person from all or specified provisions of Chapter 5C of the Act.

Paragraph 601QA(1)(b) of the Act provides that ASIC may declare that Chapter 5C of the Act applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.

Paragraph 926A(2)(a) of the Act provides that ASIC may exempt a person or a class of persons from all or specified provisions of Part 7.6 of the Act other than Divisions 4 and 8.

Paragraph 992B(1)(a) of the Act provides that ASIC may exempt a person or a class of persons from all or specified provisions of Part 7.8 of the Act.

Paragraph 1020F(1)(a) provides that ASIC may exempt a person or class of persons from all or specified provisions of Part 7.9 of the Act.

Paragraph 1020F(1)(c) provides that ASIC may declare that Part 7.9 of the Act applies in relation to a person or a financial product, or a class of persons or financial products, as if specified provisions were omitted, modified or varied as specified in the declaration.

Class Order [CO 15/153] revokes ASIC Class Order [CO 15/52].

1. Background

ASIC Class Order [CO 15/52] puts in place a framework for providing relief from certain Australian financial services (AFS) licensing, scheme registration, product disclosure, advertising and anti-hawking requirements in Chapters 5C and 7 of the Act to promoters and managers of small scale greyhound racing and breeding schemes (greyhound schemes).

The relief may be relied on once co-regulatory arrangement between ASIC and various state and territory based controlling bodies for the regulation of greyhound schemes within each respective jurisdiction have been put in place (controlling bodies). There are presently no arrangements of this kind; and accordingly no relief is in effect under ASIC Class Order [CO 15/52].

2. Purpose of the class order

The purpose of Class Order [CO 15/153] is to revoke Class Order [CO 15/52]. ASIC has determined not to proceed at this time with the regulatory framework envisaged by Class Order [15/52] and will instead undertake further consultation concerning whether it is appropriate to provide the relief envisaged by Class Order [15/52].

ASIC is undertaking further consultation because the relief envisaged under Class Order CO [15/52] was based on a co-regulation arrangement between ASIC and the controlling bodies. Information has come to our attention that places in question the resourcing and organisational capacity of some controlling bodies and consequently their fitness to perform the role required under the regulatory framework established under Class Order [CO 15/52]. ASIC will take into account any further developments concerning the greyhound racing controlling bodies which are relevant in this regard.

3. Operation of the class order

Class Order [CO 15/153] revokes Class Order [CO 15/52] and operates from the day after it is registered under the Legislative Instruments Act 2003.

4. Consultation

The relevant industry body, Greyhounds Australasia, was informed that ASIC intended to revoke Class Order [CO 15/52] and made representations in response. ASIC does not consider that wider consultation was appropriate in the circumstances.

ASIC had previously consulted more generally on other aspects of the relief envisaged under Class Order [CO 15/52] in Consultation Paper 213 Greyhound racing and breeding syndicate schemes.

As no relief is presently available under Class Order [CO 15/52] ASIC considers that Class Order [CO 15/153] will have a minor impact and therefore no Regulation Impact Statement is required.

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the

Human Rights (Parliamentary Scrutiny) Act 2011

ASIC Class Order [CO 15/153]

This legislative instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the legislative instrument

The purpose of this legislative instrument is to revoke ASIC Class Order 15/52, which provided relief from certain Australian financial services (AFS) licensing, scheme registration, product disclosure, advertising and anti-hawking requirements in Chapters 5C and 7 of the Act to promoters and managers of small scale greyhound racing and breeding schemes (greyhound schemes).

Human rights implications

This legislative instrument does not engage any of the applicable rights or freedoms, as it restores the legislative framework that applied to the regulation of greyhound schemes before the execution of Class Order [CO 15/52].

Conclusion

This legislative instrument is compatible with human rights as it does not raise any human rights issues.

Overview

The Australian Securities and Investments Commission (ASIC) introduced ASIC Class Order [CO 15/153] in 2015 under the Corporations Act 2001 to address the problem of providing regulatory relief to promoters and managers of small scale greyhound racing and breeding schemes, which was initially envisaged by ASIC Class Order [CO 15/52]. This new class order revokes the earlier one due to concerns about the capacity and resources of the relevant controlling bodies in various states and territories, which are necessary for co-regulation. ASIC has decided not to proceed with the regulatory framework of the previous class order and will instead engage in further consultation to determine the appropriateness of providing the regulatory relief originally intended. The class order operates from the day after its registration under the Legislative Instruments Act 2003 and, as no relief is presently available under the revoked Class Order [CO 15/52], ASIC considers the impact of Class Order [CO 15/153] to be minor.

Scope and Application

The ASIC Class Order [CO 15/153], made under the Corporations Act 2001, targets promoters and managers of small-scale greyhound racing and breeding schemes by revoking the previously issued Class Order [CO 15/52]. This revocation effectively reinstates the regulatory requirements for these entities, as no co-regulatory arrangements between ASIC and state or territory controlling bodies have been established, leaving the previous relief measures inoperative. The order applies nationally, with its revocation impacting entities across Australia that would have otherwise been exempt from certain licensing, registration, disclosure, advertising, and anti-hawking obligations. The scope of the order is specific to those involved in greyhound racing and breeding schemes, and it does not extend to other industries or financial products. No exclusions or exemptions are specified within this class order, as it serves to eliminate the relief that was conditionally available under the earlier class order. The operation of this class order is contingent upon its registration under the Legislative Instruments Act 2003, and it is accompanied by a statement of compatibility with human rights, affirming that it does not engage any of the applicable rights or freedoms.

Key Provisions

The main operative sections of ASIC Class Order [CO 15/153] include the revocation of ASIC Class Order [CO 15/52]. This revocation effectively reinstates the regulatory framework that was in place before the introduction of the earlier class order, which had provided relief from certain financial services licensing, scheme registration, product disclosure, advertising, and anti-hawking requirements for promoters and managers of small scale greyhound racing and breeding schemes. Section 1 of the explanatory statement outlines the background and purpose of the class order, which is to revoke the earlier class order and allow for further consultation due to concerns about the capacity of controlling bodies to effectively regulate greyhound schemes. The class order imposes no new obligations or requirements on the parties or entities it governs. Instead, it simply revokes the previous relief provided by Class Order [CO 15/52], thereby restoring the original legislative requirements for the regulation of small scale greyhound racing and breeding schemes. This means that promoters and managers of such schemes will once again be subject to the full range of regulatory provisions under the Corporations Act 2001, unless otherwise exempted or modified by future regulatory action. There are no specific offences, penalties, or consequences for breach outlined in this class order. Since the class order primarily serves to revoke a previous order and reinstate the original regulatory framework, it does not introduce new enforcement mechanisms or penalties. However, promoters and managers of small scale greyhound racing and breeding schemes may still be subject to penalties under the Corporations Act 2001 if they fail to comply with the regulatory requirements that now apply to them. These penalties could include fines, imprisonment, or other sanctions, depending on the nature and severity of the breach.

Area of Law: Corporate Law & Governance
Instrument: Regulation
Concepts: Commencement Provisions; Exemptions & Exclusions; Regulatory Standards

Interactions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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