The Australian Securities and Investments Commission (ASIC) is consulting on a proposal to extend existing relief for time-sharing schemes and on-market buy-backs by ASX-listed registered schemes for five years. The instruments providing the relief expire on April 1, 2027, and would be remade in substantially the same form, with any necessary technical updates.
The time-sharing relief covers finance and hardship matters, consumer protection, and disclosure of fees and property valuations. The buy-back relief allows ASX-listed registered schemes to repurchase their own interests on-market, subject to safeguards for members and creditors. These include trading and disclosure requirements, cancellation of bought-back interests and member approval when specified limits are exceeded. Separate work is underway to extend buy-back relief to schemes listed on other declared financial markets.