ASIC releases class order relief for ETFs following consultation paper (CP196)

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By Michael Lawson and Adrian Poy

The Australian Securities and Investments Commission (ASIC) has released class order relief for AQUA market exchange traded funds (ETFs) as proposed and described in its consultation paper (CP196) released in December 2012.

The class order relief consists of a set of relief instruments in respect of: (i) periodic statements; (ii) equal treatment; (iii) relevant interest and substantial holding; and (iv) material change and significant event disclosure.

The new class order reliefs for ETFs are substantially different to individual relief that has previously been granted to ETF issuers and represent a change in a number of areas of ASIC policy…

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