⚡ ASIC Hits Renew on Four Aging Market Rules

Australia’s securities regulator ASIC announced Monday it will renew four expiring market relief instruments for another five years with minimal changes, keeping rules governing exchange-traded derivatives and securities substantially intact. The four instruments, dating from 2016 and 2021, would automatically sunset under the Legislation Act 2003 unless extended.

The reliefs cover distinct operational areas: duplicate disclosure requirements for exchange-traded derivatives, recognition of New Zealand’s NZCDC settlement system, statutory warranties for foreign-company securities on the ASX, and securities lending disclosure exemptions. ASIC cited effective operation and industry certainty as reasons for the rollover, a tactic the regulator has employed previously while awaiting broader legislative reform.

The agency opened consultation through July 20 on the proposal, outlined in paper CS 56, emphasizing no substantive changes are planned. This follows ASIC’s elimination of over 9,000 pages of regulatory content last year aimed at reducing compliance burdens.

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Firms relying on these exemptions can maintain current compliance frameworks through 2029, but should submit feedback by July 20 if operational concerns exist with the unchanged rules.

Source: Finance Magnates