Wednesday 20 December 2006 LAWFUEL – Law News, Law Jobs – The Australian Securities and Investments Commission (ASIC) today announced a new class order [CO 06/1012] extending the transitional compensation arrangements under s912B of the Corporations Act 2001 until 30 June 2007.
‘After consultation with the Government, ASIC has decided to continue the transitional arrangements for a further six months to give the Government time to finalise the compensation regime’, ASIC’s Executive Director of Regulation, Mr Malcolm Rodgers said. We understand that the Government plans to finalise the compensation regulations during these next six months, including whether any further transition period is necessary. For background and history on the compensation requirements, see IR 06-21 Transitional compensation arrangements extended for AFS licensees.
ASIC information releases are available from the ASIC website at www.asic.gov.au. Copies of class order [CO 06/1012] can be obtained from the ASIC Infoline by calling 1300 300 630 or from the ASIC website at www.asic.gov.au/co. Copies of the draft regulations can be obtained from The Treasury website at www.treasury.gov.au. For further information contact: Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769