ASIC gives end date for SOA relief
The corporate regulator has registered an amending instrument to specify an end date for three COVID-19-related instruments, including one relating to statements of advice.
The ASIC Corporations (Amendment) Instrument 2020/565 makes the following amendments:
- The earlier amendment to the ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 will be repealed on 2 October 2020 (six months after the amendment commenced).
- The ASIC Corporations (Trading Suspensions Relief) Instrument 2020/289 will be repealed on 2 October 2020 (six months after it commenced).
- The ASIC Corporations (COVID-19 – Advice-related Relief) Instrument 2020/355 will be repealed on 15 October 2020 (six months after it commenced).
ASIC said it had publicly stated that these relief measures were temporary and ASIC would repeal the instruments after the COVID-19 crisis.
However, following feedback from the Senate Standing Committee for the Scrutiny of Delegated Legislation, the corporate regulator decided to amend these instruments to include specific end dates.
“ASIC will continue to monitor the appropriateness of these temporary relief measures in light of the uncertain impacts of COVID-19 on capital markets and on the demand for financial advice,” the regulator said.
“If ASIC considers it appropriate to end the relief before the six-month period or extend the relief, ASIC will give sufficient notice before any early repeal or extension is implemented.”
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.