In mid-November 2013, the Australian Securities and Investments Commission (ASIC) released a consultation paper in relation to the relief for employee share schemes from the disclosure (prospectus/PDS) and licensing requirements of the Corporations Act.
Longstanding relief has been available under previous class orders, the most recent being Class Order [CO 03/184]. Now 10 years old, this class order has not kept up with market developments, both in Australia and abroad. As ASIC recognises, it has also increasingly given rise to uncertainty, confusion and other difficulties for those seeking to rely on it.
ASIC’s aim is to broaden the scope of the relief to better accommodate current market practices and to reduce the compliance burden for issuers. However, ASIC is also taking the opportunity to propose some new parameters and conditions of relief, which it suggests are justified by the policy objectives underpinning the relief…
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