7. September 2010 18:47
ASIC has extended the operation of the relief granted in CO 10/333 Funded representative proceedings and funded proof of debt arrangements until 1 March 2011.
The aim of the relief is to enable the temporary operation of funded representative proceedings and funded proof of debt arrangements without compliance with the requirements of the Corporations Act 2001, and to allow the incoming government time to consider the form of the future exemption of those schemes from compliance by regulation.
The Corporations Act requirements that would otherwise be applicable include:
- registering the scheme with ASIC;
- adopting a complying constitution and compliance plan for the scheme;
- appointing an AFS licensed public company as ‘responsible entity’;
- preparing a Product Disclosure Statement; and
- providing ongoing disclosure to members of the scheme.
More information is available on the official ASIC site.