The Australian Securities and Investments Commission is consulting interested parties about its proposal to preserve its class order about reporting requirements for Australian financial services licensees who are natural persons.

Under the Legislation Act 2003, all class orders are repealed automatically or 'sunset' after a period of time (usually 10 years) unless ASIC takes action to preserve them. The idea is to keep legislative instruments (such as class orders) fresh.

ASIC has published a consultative paper in which it proposes to remake ASIC Class Order [CO 03/748], which deals with reporting requirements under s989B. This is due to expire on 1 October 2017. The instrument grants relief to Australian financial services licensees who are natural persons from the requirement to include in a profit and loss statement any revenues and expenses that do not relate to any financial services businesses that they are running. ASIC thinks that this class order is operating well and sees no reason to discontinue it and Consultation Paper 278 outlines its rationale for prolonging its life.

All government organisations are responsible for considering whether the legislative instruments they have made that are due to sunset will be relevant after their sunset date. Submissions to CP 278 are due by 20 March 2017.