The Australian Securities & Investments Commission has opened consultation on remaking its relief for offers of CHESS Depository Interests (CDIs), with the current class order due to expire on 1 April 2025. ASIC proposes to renew the relief on largely unchanged terms for a further five years. The remake would include minor revisions to the definition of “depository interests” and the wording of the Australian financial services licence exemption, intended to improve clarity without changing how the relief operates. The relief is designed to remove uncertainty over how offers of CDIs over foreign shares and options are regulated under the Corporations Act 2001, facilitate such offers (including by foreign companies), and support retail investor understanding of CDIs. ASIC also noted an application from Cboe Australia Pty Ltd to be included in the definition of “approved financial market”, which ASIC may update to include Cboe if that application is approved. Submissions on Consultation Paper CS 15 are due by 5pm AEDT on 28 February 2025.
Australian Securities & Investments Commission 2025-01-24
Australian Securities & Investments Commission consults on remaking relief for offers of CHESS Depository Interests for five years
The Australian Securities & Investments Commission (ASIC) is consulting on renewing its relief for CHESS Depository Interests (CDIs) offers, with the current order expiring on 1 April 2025. ASIC proposes a five-year renewal with minor revisions for clarity, without changing its operation. The relief clarifies regulation under the Corporations Act 2001, facilitates CDI offers, and enhances retail investor understanding. ASIC may update the "approved financial market" definition to include Cboe Australia Pty Ltd, pending approval.