The Australian Securities & Investments Commission has launched a consultation on whether conditional relief for business introduction services, due to expire on 1 April 2025, should be extended for offers of interests in managed investment schemes and whether earlier relief for offers of securities other than debentures should be reinstated. The current relief, set out in ASIC Corporations (Business Introduction Services) Instrument 2022/805, provides conditional exemptions from Corporations Act 2001 fundraising, financial product disclosure, hawking and advertising requirements for persons making, or calling attention to, offers through a business introduction or matching service, as covered in Regulatory Guide 129. It does not provide relief from the Australian financial services licensing requirement and requires lodgement of a notice of reliance. ASIC notes minimal reliance on the instrument since 1 October 2022 to raise funds for registered managed investment schemes, and asks stakeholders seeking reinstatement of Chapter 6D relief for securities to explain the benefits and why the crowd-sourced funding regime in Part 6D.3A does not adequately accommodate small to medium-scale capital raisings. Submissions close at 5 pm AEDT on 5 February 2025.
Australian Securities & Investments Commission 2025-01-13
Australian Securities & Investments Commission consults on extending business introduction services relief for managed investment schemes and possible reinstatement for securities
ASIC is consulting on extending conditional relief for business introduction services, expiring 1 April 2025, for managed investment schemes and possibly reinstating relief for securities offers. The current relief, under ASIC Corporations Instrument 2022/805, exempts certain Corporations Act 2001 requirements but not financial services licensing. ASIC seeks input on reinstating Chapter 6D relief for securities and the adequacy of the crowd-sourced funding regime.