ASIC has announced it is to extend the operation of the ASIC Corporations (Design and Distribution Obligations Interim Measures) 2021/784 instrument for a further five years.

The instrument was initially made for a period of two years and included relief for distributors from the obligation to report to product issuers if they received nil complaints during a reporting period. Background.

ASIC assessed that ASIC Instrument 2021/784, is operating effectively and efficiently, and continues to form a necessary and useful part of the legislative framework.

The only changes in the draft proposed instrument are to:

• extend the expiry of the instrument until the start of 5 October 2028; and
• to remove an exemption for cashless welfare arrangements that is no longer necessary following the making of the Corporations Amendment (Design and Distribution Obligations – Income Management Regimes) Regulations 2023.

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