ASIC proposes to extend the operation of three legislative instruments for a further five years:

Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice,
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and
ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.
ASIC has assessed that these instruments, which are due to expire in October 2024, are operating efficiently and effectively, and continue to form a necessary and useful part of the legislative framework.

In extending operation of the instruments, ASIC will convert [CO 14/923] to the legislative instrument format and consolidate the relief in ASIC Instruments 2021/716 and 2021/801 into one instrument.

A consultation paper was not issued for this consultation.

Providing feedback
ASIC invites feedback on our proposal, including whether:

the instruments are operating effectively and efficiently, and/or
whether any amendments are required.
Stakeholders should send their submissions to [email protected] by 5pm on 4 September 2024.

Stakeholders may choose to remain anonymous or use an alias when providing feedback. However, ASIC will not be able to contact stakeholders to discuss their feedback if it was submitted it in this manner.

Please note stakeholder feedback will not be treated as confidential unless stakeholders specifically request that we treat whole or part of it (such as any personal or financial information) as confidential.

Please see ASIC’s privacy policy for more information about how we handle personal information, rights to seek access to and correct personal information, and the right to complain about breaches of privacy by ASIC.